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Since 2007

Customer Verification & AML

Customer Verification & Anti-Money Laundering

Why we carry out customer checks

Ace FX Limited is a UK Money Service Business (MSB), registered with and supervised by HM Revenue & Customs (HMRC) for anti-money laundering purposes.

As a currency exchange business, we are required to take steps to prevent our services from being used for money laundering, terrorist financing and other financial crime.

This means we need to know who our customers are and, depending on the transaction and circumstances, we may need to ask questions or request supporting documents before we can complete a transaction.

These requirements apply whether you visit one of our stores directly or place an order online for collection.

Identification

We require identification from our customers as part of our customer verification procedures.

Depending on the transaction, we may ask to see an original physical photo ID. Acceptable identification can include:

  • Valid passport
  • UK photocard driving licence
  • EEA national identity card
  • UK residence permit

In some circumstances, we may also carry out additional electronic identity, address, Politically Exposed Person (PEP) or sanctions checks.

Additional identification or verification may be required regardless of the value of a transaction where necessary to meet our legal or regulatory obligations.

When we may ask for more information

Ace FX uses a risk-based approach to customer verification. This means the information or documents we require can vary depending on the customer, transaction and circumstances.

We may ask you for:

Proof of address
For example, a recent bank statement, utility bill or another acceptable document showing your name and current address.

Source of funds
We may need to understand where the money being used for your transaction originally came from and ask for evidence to support this. This could include bank statements, payslips, evidence of savings, sale documents or other appropriate documentation.

Reason for your transaction
We may ask why you are buying or selling currency and, where appropriate, request supporting information or documentation.

The exact information required will depend on the circumstances of your transaction. Providing requested documents does not automatically mean that we will be able to complete a transaction.

Previous and related transactions

When carrying out our customer verification checks, we may take previous or related transactions into account, together with information we already hold about you.

This means we may sometimes request additional information or documents even where an individual transaction is relatively small.

Click & Collect

Placing an order through the Ace FX website does not remove our customer verification requirements.

When you visit an Ace FX branch to complete or collect your order, you may be required to provide identification and any additional information or documents required for us to complete our checks.

We recommend bringing valid photo identification when collecting your currency.

Home Delivery

Home Delivery orders accessed through the Ace FX website are provided and fulfilled by our Home Delivery partner.

Customers using Home Delivery will be subject to the provider’s own customer verification, anti-money laundering requirements and terms and conditions.

International Payments

Ace FX does not process international electronic transfers directly.

International payment enquiries are referred to our international payments partner, Moneycorp. Customers who proceed with this service will register with Moneycorp and will be subject to Moneycorp’s own customer verification, anti-money laundering requirements and terms and conditions.

Why might we be unable to complete a transaction?

There may be circumstances where we are unable to complete or need to delay a transaction.

This may include situations where we are unable to complete the required customer verification checks, sufficient information or supporting documentation has not been provided, or we are otherwise unable to proceed in accordance with our legal and regulatory obligations.

Ace FX reserves the right to decline or delay a transaction where necessary to comply with our legal, regulatory or internal compliance requirements.

We may not always be able to provide a detailed explanation for a decision not to proceed.

How we use and retain your information

Information and documents collected for customer verification and anti-money laundering purposes are handled securely and in accordance with applicable data protection laws.

We are legally required to retain certain customer due diligence and transaction records for a specified period. Where we are required by law to retain information, we may not be able to delete it in response to a customer’s request until the applicable retention period has ended.

For more information about how Ace FX collects, uses, stores and protects your personal information, please see our Privacy Policy.

Need help with verification?

If you’re planning a larger transaction or are unsure what identification or supporting documents you may need, please contact us or speak to a member of the Ace FX team before visiting.

We’ll be happy to explain the documents that may be required for your transaction.

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Ace FX Limited
Company Registration No: 06748933
HMRC Money Service Business Registration Number (MSB): XQML00000117279