We are required under HMRC Anti Money Laundering Regulations to keep full records of transactions over £2,500 sterling and obtain Identification and proof of address from all customers spending over this amount. We are required to obtain further transactional information from customers spending over £5,000 including linked transactions over 12 month period.
Covent Garden FX fully complies with the HMRC Anti Money Laundering Regulations and must obtain Source of Funds when customers spend over £9,000 including linked transactions over 12 month period. We have to ask our customers to provide further evidence to prove where the funds have come from. To comply with the regulations we are required to carry out full compliance checks against the information provided and before we can send out your funds. We are aware of our responsibilities in the monitoring and reporting of any actions that raise suspicion cause for concern.
We also require Identification because you have paid by Bank Transfer. We do this to safeguard funds and to prevent fraud. Any new customer spending over £2500 will automatically be required to provide documentation. Any order placed where we cannot link customer to address will be required to provide ID regardless of the amount. The same limit applies to existing customers who have linked transactions over £2500 over a 12 month period.
Covent Garden FX has to check that the person making the payment to us is the same person who receives the currency. Any order for Click and Collect will be requested to provide ID.
This requirement applies to all of our services Postal Delivery, Click and Collect London Delivery, Buy Back.
Any request for ID will be made via email from [email protected] after payment has been received or currency sold back. It’s at this point we will move the status of the order to Compliance. We use online 3rd party system to verify your details so you can be sure your identity is always protected, this is not a credit check and does not affect your credit rating.
Covent Garden FX adheres to HMRC Anti Money Laundering Regulations by checking every customer against Politically Exposed Persons List (Peps) and Financial Sanctions List (Sanctions). We have to review customer spend history and comply with the financial limits imposed by the HMRC Anti Money Laundering Regulations.
We will check our records see if we do have anything on file before we email you. We only ask for updated information every 12 months and or if you spend over £5,000 threshold (including linked transactions over 12 month period). Currency will be held until we are satisfied we have sufficient documentation to confirm your identity in-line with HMRC Anti Money Laundering Regulations.
Covent Garden FX will request documentation based on the criteria listed above.
Please return ID to [email protected] quoting your order number and name.
You can also contact us direct at 0207 240 9921 should you have any questions.
Our process will automatically generate email requesting 2 forms of identification when:
You MUST present your ID in person when collecting no exceptions We will not release any currency or pay a customer without compliance in place.
Large Transaction Forms are required to be completed and ID produced when a customer spends over £5,000 (including linked transactions over 12 months).
If you have spent over £5,000 (including any linked transactions) we require further transactional information from you. Please complete the £5k Large Transaction form.
We are looking for clear detailed checkable information, limiting your answers will result in delay and may require further checks be made to verify your information and this may delay your transaction.
We reserve the right to ask for transactional information against any order regardless of the amount.
Source of Funds are required when a customer spends over £9,000 (including linked transactions over 12 month period). Please complete the £9k Large Transaction form.
Covent Garden FX reserves the right to ask for source of funds against any transaction regardless of the amount.
Under HMRC Anti Money Laundering Regulations anyone spending over £9,000 in one single transaction or linked transactions over a 12 month period is required to provide evidence in form of supporting documentation to show how you obtained your funds? Where did it come from?
It is very simple you need to show where your money has come from and prove it by providing evidence in form of documentation. We will check all information provided in line with HMRC Anti Money Laundering Regulations and your order will not be processed any further until compliance has been approved.
Send ID'S to [email protected].