UNITED CURRENCY EXCHANGE DO NOT ACCEPT DEBIT/CREDIT CARDS IN STORE

United Currency Exchange Anti Money Laundering and Counter Terrorism Policy and Program

As United Currency Exchange operates in financial industry, there is always risk that its products and services are being used for money laundering and terrorism financing activities. Therefore, United Currency Exchange adopts and implements strict policy and procedure in order to mitigate the AML/CTF risks of the business.

MONEY LAUNDERING AND TERRORISM FINANCING ARE EXTREMELY SERIOUS CRIMES

Under the AML/CTF Act and Rules set by AUSTRAC, United Currency Exchange has strictly implemented following policy and procedure as below:

  • Adopting an AML/CTF Program for its business operations;
  • Appointing a Compliance Officer who is available to review, assess, and authorise certain transactions during business hours;
  • Conducting regular employees training on AML/CTF semi annually;
  • Annually conducting Employees Due Diligence check and verification;
  • Appointing an AUSTRAC approved external auditor to conduct reviews on its AML/CTF Program every 2 year;
  • Indentifying all of its customers prior providing its designated services;
  • Verifying its customers electronically to ensure that they are not “Politically Exposed Person” (PEP);
  • Obtaining additional information from its customers according to Privacy Act 1988 and Australia Privacy Principles for ECDD purposes;
  • Monitoring transactions on daily basis;
  • Reporting cash transactions equivalent of AUD 10,000 and more to AUSTRAC;
  • Reporting suspicious transactions to AUSTRAC within specified timeframes;
  • Submitting Compliance Reports to AUSTRAC annually;
  • Regularly assessing the associated ML/TF risks to the business;
  • Keeping all relevant records for minimum of 7 years; and
  • Complying with its AML/CTF Program at all times as required by the relevant government bodies in Australia.

Registered with Australian Department Foreign Affairs and Trade

United Currency Exchange regularly updates its sanctions lists and travel bans on individuals and entities through Consolidated List supplied by DFAT in Australia. Consolidated List is a list of individuals and entities who are subject to targeted financial sanctions or travel bans under United Nations (UN), European Union (EU), United Kingdom (UK), and Australian sanctions laws and regulations. United Currency Exchange will not provide its designated services to those individuals or entities who are listed on the Consolidated List. United Currency Exchange is also prohibited to provide its designated service to certain nationalities due to its compliance with Australian sanctions laws and regulations.

Registered with Australian Attorney-General’s Department

United Currency Exchange is registered with Australian Attorney General’s Department as an authorised Business User to the DVS. This registration enables United Currency Exchange to initiate Information Match Requests (IMR) to its prospective customers through its business Gateway Service Provider.

Member of Financial Ombudsman Service (FOS)

Membership number: 35338

Company Social Responsibility

United Currency Exchange donates some of its company profit to Kids Charity Foundations in Australia.

Additional Company Information

Due to the regulations and associated ML/TF risks, United Currency Exchange currently do not deal or provide financial services such as remittance to overseas bank accounts, international electronic transfers, and non-cash payment products to its customers.