Foreign Exchange Regulations

Published on August 5, 2010 by admin · No Comments

Foreign Exchange Regulations and Security

As a foreign exchange and money service business provider, the companies we partner with need to be registered by HM Customs and Excise in association with SOCA (Serious Organised Crime Agency). SOCA is responsible for dealing with financial information concerning suspected proceeds of crime in order to counter money laundering or any suspicious activity.

It is now a regulatory requirement that all institutions transmitting funds on behalf of others are registered to these organisations.

The regulations now in force are there to protect both the client and the company executing the transfer on behalf of the client. Foreign Exchange UK only work with partners that are fully comply with the regulations.

The partner we work with for Foreign Exchange UK is TorFX which is profitable, has no debt and continues to grow strongly, with turnover expected to exceed £500,000,000 in 2010. In 2008 we achieved second place in the Sunday Times Fasttrack 100 awards.

TorFX is authorised and regulated by the Financial Services Authority under the Payment Service Regulations 2009 for the provision of payment services. Our FSA number is 517320. To verify our authorisation, you can visit the FSA Register and search by typing in our FSA number.

Firms authorised by the FSA under the PSR’s are required to;

safeguard client funds in accordance with the regulations
maintain a defined level of regulatory capital at all times
apply stringent governance and risk management procedures throughout the business

TorFX operates segregated client accounts with Barclays Bank PLC in accordance with FSA rules on the safeguarding of client funds. These arrangements are independently verified by our auditors.

TorFX is licensed as a money transmitter by HM Revenue and Customs. Our MLR number is 12191606.

TorFX is a member of the UK Money Transmitter’s Association.