 |
|
 |
Money Laundering prevention :
- Auctionchex is authorised and regulated by Her Majesty's Revenue and Customs in the United Kingdom as a:
i) Bureau de Change, Money Transmitter and Cheque Casher (Money Services Business License Number #12145060)
ii) Auctionchex.com is also PayPal Compliant as a Financial Services Provider.
- The law requires us at Auctionchex to monitor any unusual or suspicious transactions of any size taking place where we have reasons to believe the monies may be derived from an illegal activity.
- The law requires us at Auctionchex to verify a registered users address with the latest Electoral Roll information available to us (for UK users), and pay only to a verified bank or other account (for non UK users) where that registered user creates a 'business relationship'
- A 'business relationship' is defined as when a registered user creates five or more different transactions in any 90 day period.
- The law requires us at Auctionchex to keep full records of all transactions of GBP10,000 or above, together with copies of any identification provided, which may be in the form of a certified copy of the users passport, driver's licence, and/or electoral roll check. We are unable to process any transaction(s) where this information is withheld or invalid.
- We also have a legal obligation to report to HM Revenue and Customs any such transaction(s) that we believe to be of a suspicious or fraudulent nature.
- Auctionchex.com reserve also the right at all times to refuse to process any exchange transaction(s) which it believes in its discretion, are connected in any manner to a money laundering activity or other unlawful purpose. Auctionchex.com also reserves the right to withhold any monies from such transactions it deems suspicious in order to ensure the integrity of those monies.
- To effectively prevent Auctionchex.com's currency exchange service from being used for money laundering, we also have to ask our users for their understanding that the total value of currency exchange transactions executed by an individual user in the course of one quarter cannot exceed GBP10,000.
- There is a statutory obligation of any employees of Auctionchex.com to report suspicious transactions to HM Revenue and Customs, and by misusing your Auctionchex.com account for a criminal reason, or knowingly failing to report any suspicious transactions or deliberately breaking large transactions into smaller amounts to evade reporting, you may be liable to face criminal prosecution as we may inform the responsible regulatory authorities of your actions.
General Terms and Conditions:
- Auctionchex is a payment service only and is not responsible for the delivery or quality of goods purchased from another person. If you have a dispute regarding an item you've purchased, please contact the auction site you used to purchase the item, ands also our Dispute Resolution pages.
- By sending an emoney payment to auctionchex.com to generate another payment type you agree that:
- An e-money payment sent to Auctionchex will be reduced by an averaged 3.50% to allow for the fees charged by that e-money provider.
- An e-money transaction with auctionchex.com is classed as a non tangible item, we are providing a service only.
- The payment type will be a 'service' and as such is not a transaction that a chargeback via your credit card provider or a Paypal or Nochex Buyer Complaint can be created upon, except in the normal course of business, where an unlikely non performance by Auctionchex.com occurs, and we fail to forward or action a payment instruction.
- Auctionchex.com is acting only as a trusted third party in respect of providing a service only in the sending of monies and the receiving of monies on behalf of its clients.
- Auctionchex.com is not the Merchant of Service in relation to the intended use of the outgoing payment, you are purchasing a 'negotiable financial instrument' only.
- PayPal payments sent to Auctionchex.com not using our on line Invoice system may be refunded as invalid.
|
|
|
|
|
|
|
