For UK based users only, what the law requires :
- Auctionpix.co.uk is classed as an online Bureau de Change, MSB Licence Number: 12145060 issued June 2002
- The law requires us at Auctionpix.co.uk 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 Auctionpix.co.uk to verify a registered user address with the latest Electoral Roll information available to us, where that registered user creates a 'business relationship'
- A 'business relationship' is defined as when a registered user creates three or more different exchange transactions in any one calender year.
- The law requires us at Auctionpix.co.uk to keep full records of all transactions of GBP£10,000 or above, together with copies of any identification provided, which may be in the form of a 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 Customs and Excise any such transaction(s) that we believe to be of a suspicious or fraudulent nature.
Right to refuse and investigate transactions:
Auctionpix.co.uk reserve 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. Auctionpix.co.uk also reserves the right to withhold any monies from such transactions it deems suspicious in order to ensure the integrity of those monies.
Currency Exchange Limitations:
To effectively prevent Auctionpix.co.uk'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 GBP£10,000.
Reporting procedures:
There is a statutory obligation of any employees of Auctionpix.co.uk to report suspicious transactions to HM Customs and Excise, and by misusing your Auctionpix.co.uk currency exchange 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.
