UK based remittance, forex and payout network services
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Direct Remit
Home AML policy
Compliance and protection

Safeguarding every transfer.

Our anti-money laundering framework supports secure, responsible remittance services and protects the people who use them.

Protected transfer Customer checks Sanctions screening Risk monitoring
Customer screening

Identity, sanctions and risk checks support responsible transfers.'

Continuous monitoring

Risk is considered during onboarding, profiling and transactions.

Five-year retention

Transfer records are retained in line with the policy below.

Direct Remit policy

AML Policy

Select each policy area to review the controls and approach used by Direct Remit.

  • 01

    Sanctions

    Sanctions are measures enforced by governments or international organisations against certain people, groups or nations. Restrictions on trade, money transfers, travel and other activities are examples of sanctions.

    Direct Remit will abide by the following sanctions lists:
    • The UK autonomous sanctions regime
    • The United Nations Security Council sanctions
    • The European Union sanctions
    • The United States sanctions
    • The Swiss sanctions
    • The Canadian sanctions
    Direct Remit will abide with sanctions-related laws and rules by:
    • Following the Sanctions and Anti-Money Laundering Act 2018 (SAMLA)
    • Checking the compliance with sanctions of all customers and transactions
    • Putting in place the right controls to stop sanctions violations
    • Training employees on sanctions compliance
    Procedure for determining and controlling sanctions risks:

    Direct Remit Ltd will recognise and control sanctions risks by performing regular risk analyses, putting in place appropriate controls to reduce risks and observing potential changes in the sanctions landscape.

  • 02

    AML / AFT Policy

    Direct Remit Ltd is dedicated to abiding by all applicable rules and legislation pertaining to countering money laundering and terrorist financing. In addition to adhering to national and international laws and standards, we are dedicated to the following local AML/AFT rules and regulations:

    • Proceeds of Crime Act (POCA), introduced in 2002 and amended in 2007
    • The Terrorism Act of 2000, amended in 2007
    • UK AML Regulations 2017
    • Money Laundering Regulations 2019
    • Sanctions and Anti-Money Laundering Act (SAMLA) 2018
    International laws, best practices and industry standards include:
    • HM Treasury – United Kingdom
    • Financial Action Task Force (FATF) Recommendations
    • Bank Secrecy Act
    • USA Patriot Act
    • Office of Foreign Assets Control (OFAC) of the US Department of the Treasury
    • United Nations Security Council (UNSC)

     

  • 03

    Declaration

    Direct Remit Ltd is devoted to conducting business honestly, legally and securely, and in accordance with all applicable laws. To identify, prevent and disclose risks related to money laundering and terrorist financing, Direct Remit Ltd has put in place thorough AML and ATF policies and procedures, effective sanctions screening and an AML monitoring system.

    The company also employs compliance risk management solutions, such as World-Check, a comprehensive database for politically exposed persons (PEP) and sanctions, and research tools for conducting due diligence and additional investigations.

    Consequences of noncompliance with UK CFT / AML regulations

    Direct Remit Ltd is fully aware that noncompliance with the UK’s CFT / AML regulations may result in financial penalties or up to 14 years imprisonment depending on the nature and severity of the offence. The FCA has the authority to wind up or restrict the operations of firms that are found guilty of wrongdoing and may also recover funds and assets that are involved in money laundering offences via court or civil proceedings. AML compliance breaches in the UK may also result in significant reputational damage for the firms involved.

  • 04

    Record Retention

    Record-keeping ensures that the company is able to provide basic information about its customers at the request of relevant authorities. Direct Remit Ltd shall immediately make available any or all of its books and records upon request by HMRC or any other regulatory agencies.

    All records and documents of transfers should be kept for a minimum period of five years from the date of transaction. Direct Remit Ltd shall at all times maintain the confidentiality of information indicated in the transaction records.

  • 05

    Risk Based Approach

    In order to understand the ML/TF risks each customer poses, a customer risk assessment should consider a number of factors. These include verification of identity, the products and services accessed, transaction type and frequency, and geographic locations linked to the customer.

    Customer risk is assessed at three different levels through continuous monitoring:

    • At onboarding or registration, using customer identification factors
    • During customer profiling and continuous profile maintenance
    • At transaction level whenever a customer transacts

    Overall risk is the average of the following three levels:

    • 30% of onboarding risk factors and registration
    • 50% of transaction risk factors
    • 0% of customer membership and profile risk factors

    After the registration and onboarding process, each customer is assigned a risk rating based on the predefined risk range.

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