Money laundering is defined as the process where the identity of the proceeds of crime are so disguised that it gives the appearance of legitimate income. Criminals specifically target financial services firms through which
they attempt to launder criminal proceeds without the firm's knowledge or suspicions.
Within the London alone it is estimated that L23 billion is laundered on an annual basis and on globally in revenue terms the amount of money laundered would make it the third largest industry.
In response to the scale and effect of money laundering the United Kingdom, in common with many other countries, has passed legislation designed to prevent money laundering and to combat terrorism. This legislation, together
with regulations, rules and industry guidance, forms the cornerstone of AML/CTF obligations for London firms and outline the offences and penalties for failing to comply.
Whilst Finance Exchange Investment FEI are currently unregulated and do not fall with the scope of the AML/CTF obligations in the London the senior management have implemented systems and procedures that meet the London
AML legislation. This decision reflects the senior managements desire to prevent money laundering and not be used by criminals to launder proceeds of crime.
The London AML regime is set out in the following legislation and regulations:
The Finance Exchange Investment FEI AML Policy is designed to prevent money laundering by meeting the London AML legislation obligations including the need to have adequate systems and controls in place to mitigate the
risk of the firm being used to facilitate financial crime. This AML Policy sets out the minimum standards which must be complied with and includes:
Finance Exchange Investment FEI is prohibited from transacting with individuals, companies and countries that are on prescribed Sanctions lists. Finance Exchange Investment FEI will therefore screen against United Nations,
European Union, London Treasury and London Office of Foreign Assets Control (OFAC) sanctions lists in all jurisdictions in which we operate.
65 Street Rd b102, Warminster, PA 18974, USA