It is not just MoneyTT's duty to prevent any criminals from exploiting our financial service networks, but also our legal responsibility to provide a secure service to genuine customers. We fully recognize our legal obligations to have procedures and controls in place to deter and detect money laundering and terrorist financing.

We strictly comply with laws and regulations that govern our business, including The Money Laundering Regulations 2007, Anti-Terrorism, Crime and Security Act 2001, The Proceeds of Crime Act 2002 and The United Nations (Anti - Terrorism Measures) Ordinance.

What is Money Laundering?

Money laundering is any transaction or series of transactions undertaken to conceal or disguise the nature and source of funds that have been obtained from illegal activity. The main objective of the money launderer is to transform ‘dirty’ money into seemingly clean money or other assets in a way to leave as little trace as possible of the transformation. Examples of illegal activities that often involve money laundering are drug trafficking, terrorism, smuggling, fraud, bribery, robbery, embezzlement and illegal gambling.

Commitment to Anti-Money Laundering (AML) and Other Legislations

The company totally supports the government’s anti-money laundering and combating terrorist financing measures. The company and its staff adopt a zero tolerance approach to money laundering and terrorist financing and are committed 100% to ensuring that the business is not used by money launderers and terrorists, and that any such attempts or suspicious activity are promptly reported to the relevant authorities.

In accordance with The Anti-terrorism, Crime and Security Act 2001 for example, we:

Employee Training

The company is committed to ensuring all relevant staff are made aware of the law and their obligations under it and are regularly trained in how to recognize suspicious activity. All new staff will undergo training before dealing with the public and all existing staff will undergo continuous training. Staff will undergo follow-up training every 6 months.

Prompt Reporting of Suspicious Activity

The company recognises the importance of staff promptly reporting suspicious activity. MoneyTT has a compliance officer (Nominated Officer) whose sole responsibility is to ensure total and unfailing compliance. Any suspicious activity will be reported immediately to the Nominated Officer, who will make a decision as to whether a disclosure be made to the Serious Organised Crime Agency (SOCA).

Crime Prevention and Detection

MoneyTT has secure systems that protect our customers and ourselves against fraud and other crimes. As required by law, customer information may be used to prevent crime and track down perpetrators.

It is to ensure that genuine customers will see their remittance - their thoughts, reach their loved ones quickly and securely.