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Home > About us > Security of funds

Security of funds

We have been offering clients safe and secure ways to manage global payments since 1979. Rest assured, we use state-of-the-art encryption and security techniques to ensure all our internal and online systems are impenetrable.

 

AFEX is regulated by law

As a financial institution, AFEX is required by law to conduct business in a manner consistent with the best interests of its clients and in accordance with all national regulations governing foreign exchange companies and money transmitters. We are dedicated to operating in a safe and sound manner, with the highest legal and ethical standards. To ensure that safety, we have established strict standards of compliance with the regulations in the jurisdictions in which operate.

 

In the United States, AFEX is subject to the Bank Secrecy Act as amended by the USA Patriot Act. We are registered with FinCEN and regulated by the IRS, in addition to being licensed and regulated by several state banking commissions in the US, including the New York State Banking Department and California Department of Financial Institutions, two of the most stringent regulators in our industry. We post multimillion dollar bonds as a sign of our financial security.

 

In Canada, AFEX is registered as a Money Services Business (“MSB”) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). AFEX is also licensed and regulated by the Autorité des Marchés Financiers in the Province of Quebec. 

 

In the UK, AFEX is authorized and regulated by the Financial Conduct Authority (FCA) under the Payment Service Regulations 2009 for the provision of payment services.

 

In Switzerland, we are regulated by the self-regulation organization VQF. The VQF holds the function of an officially FINMA-recognized self-regulated organization (SRO) pursuant to the Anti-Money Laundering Act (AMLA).

 

In Australia, AFEX is licensed and regulated by ASIC and AUSTRAC.

 

We comply with all EU and local regulations, including the European Markets in Financial Instruments Directive (MiFID).

 

Our regulatory obligations require AFEX to segregate clients’ funds, as part of safeguarding arrangements in the unlikely event of liquidation.

 

We work with the most respected institutional banks in the world

We maintain bank accounts with some of the most respected institutional banks in the world, including Deutsche Bank and Bank of America, where customers deposit and settle payments. We take security very seriously and conduct business in a manner consistent with the best interests of our clients and our partners.

 

Get in touch

If you would prefer to discuss your global payment and foreign exchange requirements with our team, please get in touch.

 

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