DCE reserves the right at all times to refuse to process any orders at any stage, which it believes in its sole discretion, is connected in any manner to a drug money laundering activity or other unlawful purpose.
We have a legal obligation to report to Customs and Excise / NCIS any such suspicious transactions. The definition of a suspicious transaction is one that raise "an unconfirmed belief" or "a fleeting inkling".
What the UK law require?
1. The law requires us to monitor any unusual or suspicious transactions of any size taking place where we have reasons to believe the money is derived from illegal activity.
2. The law also requires us to keep full records of all transactions of £1500 and above within 3 months, together with copies of identification provided. Identification may be in the form of a passport, driver's licence, credit / debit card. We are unable to process any transaction where this information is withheld.
3. The law also requires us to know to what you do for a living and the purpose of the money transferred. This applies to any amount sent.
What DCE requires?
1. All transactions of £600 or over must be accompanied by a Large Transaction Form.
2. Any transactions totaling £600 and above over the last 30 days must be accompanied by proofs of ID, address and source of income.
There is a statutory obligation on all DCE employees and their agents to report suspicious transactions to the Authorising Centre. By knowingly failing to report any suspicious transactions or deliberately breaking large transactions into smaller amounts to avoid completing the Large Transaction Form, breaks the law and may result in imprisonment a fine or both.