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 that pays due regard to the interests of its clients and treats them fairly, it will always be our aim to communicate with you in a way which is clear, fair and not misleading. We are dedicated to operating in a safe and sound manner, with the highest legal and ethical standards in every jurisdiction in which we operate.
Protecting your funds in the United Kingdom:
In the United Kingdom, AFEX is authorised as a payment institution by the Financial Conduct Authority (FCA) under the Payment Services Regulations 2017 (PSRs) and registered as a Money Services Business (MSB) with HM Revenue & Customs.
You may provide AFEX with funds for either the execution of payments services or foreign exchange services. Regardless of the service rendered, AFEX takes best efforts to ensure the protection of all funds received by its clients. Funds received for payment services are afforded additional protections under the PSRs. Specifically, AFEX is required to segregate funds received for payment services in a designated account it maintains with an authorised credit institution. It is prohibited under the PSRs from including funds received for foreign exchange services in this designated account.
Funds are considered to be held for the execution of payment services when you provide AFEX with instructions to remit the funds to a third party on a future date. In the absence of instructions to remit funds to a third party, AFEX considers your funds to be held for the execution of foreign exchange services. Although these funds are not subject to the PSRs, AFEX will safely maintain all such funds in accounts with some of the most reputable financial institutions in the world, such as Bank of America, Barclays, and Citibank.
AFEX is authorised and regulated by the FCA to advise on and execute trades in financial instruments. Financial instruments include FX options, swaps, and non-deliverable forwards. When you execute a financial instrument with AFEX, you may be required to exchange initial margin or variation margin. Both initial margin and variation margin as well as the net mark-to-market of any “In-the-Money” open financial instruments you execute with AFEX are segregated in strict accordance with the FCA’s Client Assets Sourcebook (CASS Rules). AFEX’s compliance with the CASS Rules is subject to an annual independent audit.
Prefer to talk?
If you would prefer to discuss your global payment and foreign exchange requirements with our team, please get in touch.