Beware unregistered forex operators

n order for the transfer of a customer’s (payer’s) funds, i.e. name, address and tel nos.
If the transfer of funds is for an amount of 1,000 Euro or more (roughly £680.00) the Payment Service Provider must verify the customer information from a reliable independent source. (This means the acquisition of ID in the form of a passport photo page or photographic driver’s license and a utility bill confirming sender’s residential address, verified by an independent witness.)
These regulations apply to transmitters sending money to any country of the world, not only to Zimbabwe. But some Zimbabweans in the UK worry that their details are being gathered in order to be forwarded to the Zimbabwean authorities. Nothing could be further from the truth. By law, all operators are required to send the Registered Client Number with each transaction, but all other information is kept here in the UK under lock and key. As companies registered here in the UK, Money Transmitters are required to comply with The Data Protection Act, 1998, which specifies that none of their clients’ information can be passed to a third party.
All bona fide money transmitters are registered. This means that they abide by UK and European laws and their Banks are fully aware of the work they do. There are however a number of money transmitters who are not regulated and who operate ‘under the radar’. Be wary of these transmitters. Many people have been taken for a ride and lost a great deal of money as a result.
Clients are advised to ask the money transmitter for their Registered Number before using their services. Bona fide members of the UK Money Transmitters Association are registered at the UKMTA website at www.ukmta.org/members.htm – Thorncroft is Chairman, the UK Money Transmitters Association