Money laundering is the process by which criminally obtained money or other assets are exchanged for "clean" money with no obvious link to its criminal origin. By preventing money laundering, the movement of funds derived from criminal activities will be inhibited. This will in turn restrict the availability of funds used for terrorist activities. 1st
Contact Group views Money Laundering as a serious criminal offence, and as such, complies with regulatory requirements intended to forestall and prevent money laundering. These include:
- Confirming the identity of our clients
- Retaining transaction and identification records for a minimum period of five years
- Training staff in terms of anti-money laundering regulations
- Appointing a nominated officer responsible for monitoring and reporting any and all suspicious activities to the relevant authorities
For security reasons, we do not accept cash at any of our offices and for transactions to the value of approximately £10,000.00, or in excess thereof, we require slightly more documentation than what is required for your initial registration.
Please note that 1st Contact Group reserves the right to refuse a transaction at any time should suspicion arise that it may be connected to money laundering or any other criminal activity. In addition, 1st Contact Group will be obliged to report this suspicious activity and in line with regulations, is prohibited from disclosing this to the client.
By providing us with false identification or contact details, we will deem this a misuse of our service. We are legally bound to report such misdemeanours to the relevant authorities and as such you may be the subject of a criminal investigation.
1st Contact Group will NOT do business with anyone suspected of or directly involved in Money Laundering, or where funds have been sourced by any illegal activity.