Trying to make money obtained in criminal activities look like they were obtained legally, is called money laundering. In accordance with the rules and laws, established to prevent money laundering all personnel working in financial companies must ask questions when the purpose of the transaction is not clear at first. In certain cases they must also ask the customer to show valid identification and to document the purpose of the transaction.
It is in the interest of all companies not to be used as an intermediary in illegal business. In understanding this, you are helping to fight money laundering and thus e.g. financing terrorism.
The requirements of the law
In accordance with the law on money laundering (Hvidvaskningsloven) it is required of banks and other financial companies to check the identity of those who wish to become a customer with the company. The same requirements apply, if a customer, who is not known to the company, wish to make a larger transaction.
Our employees must ask questions
All banks and financial companies must also be sure that transactions and services performed or supplied by the company do not have any links to any kind of criminal activity. A legal transaction always has a reasonable explanation. Our sales staff are trained in questions relating to money laundering and are able to detect defects in explanations, which is why they must ask questions.
In some cases we are not allowed to complete the transaction
If our sales staff do not feel that the answers to their questions are satisfying, they are in accordance with the law not allowed to complete the transaction. Should our sales staff for any other reason have a reason to believe that the transaction can be tied to criminal activity, it cannot be completed either. Should you not able to show valid identification, when you are asked to do so, the transaction will also be denied.
For FOREX Bank we are obligated by law to prevent that financial companies are used for money laundering and thus e.g. financing terrorism.
We thank you for your help and understanding!