Since the tragic events of
11th September 2001, all companies offering money
transmission services are obliged to be registered with Her majesty’s
Customs and Excise. Foreign Payments Registration Number is 12121192.
For Private clients the
regulations state that money transmission services must keep (on file)
proof of identification for all transactions over £5,000 and supporting
documentation for all transactions over £25,000. This documentation can
include a purchase note, invoice or details relating to an overseas
purchase. This documentation is held on file at our office. No
transaction details are disclosed to any third party.
Corporate clients will
need to provide company registration details (including registration
number). We also require a copy of at least one years trading accounts.
This will help us comply with regulations and also to set account
limits.
Foreign Payments offer a segregated account for all payments received
from clients. This account does not form part of our trading account,
although we maintain full control over it. Once registered we will send
you the full bank details for this account. When making a payment to the
Client Account a reference number must be quoted. This will help
us to apply each payment to the correct client. Failure to quote this
reference could lead to a delay in Foreign Payments receiving your
funds.
For security reasons,
Foreign Payments does not hold cash at it’s registered office. All
transactions are carried out through our nominated brokers. Because
Foreign Payments only release currency on receipt of cleared funds, our
liability to rate fluctuation is minimal. This means we can always offer
our clients the most competitive rates.
Foreign Payments look to
maintain the highest industry standards at all times. Our commitment to
you includes confirmation of all deals as soon as they are transacted,
regular updates on all new services (and compliance matters) and a full
advisory service to help you with any information you may need before
and after your order is completed.
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