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Anti Money Laundering Statement
Anti Money Laundering Statement

Flash Payments statement on anti-money laundering

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Written by Support
Updated over a week ago

Flash Payments believes that compliance is paramount to a legitimate international payments business model. A strong compliance framework enables Flash Payments to remain vigilant and ahead of local and international regulatory requirements to run a money service business.

The prevention of money laundering is a key focus of regulatory authorities in developed countries around the world. Money laundering regulations are designed to inhibit the movement of funds derived from criminal activity and to restrict the availability of money to fund terrorist activities.

In accordance with our regulatory obligations, we have strict procedures in place to minimise the risk that our service could be used for money laundering purposes including:

  • Identification of all clients

  • Monitoring and reporting suspicious transactions

  • Maintaining records for at least seven years

  • Training staff to recognise suspicious transactions and to be aware of their reporting obligations

In order to further reduce the risk that our service could be used for money laundering purposes, we do not deal in cash at all. We will not accept settlement of your transaction in cash, by cheque or by credit card. All money is received and remitted by us electronically.

We will not accept you as a client until we are satisfied that you are who you say you are. Furthermore, we reserve the right at any stage to refuse to process your transaction if you fail to provide us with satisfactory information or, if information you have provided to us subsequently appears to be misleading, incorrect or false.

We will not ask you to provide any information that is not necessary to satisfy our legal obligations. You should therefore comply with any request for information promptly. Your failure to do so could, in some circumstances, be regarded as suspicious. You should also assume that all information provided to us could be made available to regulatory authorities in both Australia and the other country associated with your transfer of funds.

WARNING: Money laundering is a criminal offence. You should be aware that, by misusing our service, you could expose yourself to criminal prosecution, as we are bound to automatically report such behavior to the authorities. Examples of misuse include, but are not limited to:

  • Breaking a large transaction into smaller transactions to avoid reporting

  • Providing false or misleading contact details

  • Providing false identification documents

We will not accept your business if the funds you are transferring are sourced from, or are related to, criminal activity.

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