Compliance at Travelex

Travelex Currency Services Inc (“TCSI”) is registered at the federal level with the Financial Crimes Enforcement Network (“FinCEN”), as a money services business (“MSB”) and is based in New York’s historic Wall Street District. TCSI is an ultimate subsidiary of Travelex Holdings Limited (“Travelex”) in the United Kingdom.

TCSI is subject to comprehensive regulation by FinCEN and the various state regulators in whose jurisdictions we are regulated (see list of licenses on Licensing page).

Commitment to Compliance

TCSI acknowledges the importance of all relevant laws, rules, regulations, policies and standards - whether internal or external - and complies with them. We are committed to strict management discipline and a first-class control and compliance environment. As a regulated entity, TCSI is required to meet strict financial standards, including capital adequacy requirements. We are also required to routinely submit financial reports to our regulators. These standards and others are rigorously enforced by FinCEN and the various state regulators, which have the right to fine firms and/or terminate their regulatory status for violations. In this effort, TCSI has implemented a comprehensive compliance program to handle money laundering concerns and adhere to OFAC regulations.

Money laundering is the process by which persons or businesses attempt to conceal the origin and ownership of the proceeds of illegal activity such as fraud, theft, drug trafficking, or any other crime. Money laundering may also involve the use of legitimately derived funds to finance terrorism. Various financial products and transactions, including those related to the foreign exchange market, may be involved in money laundering schemes. Accordingly, we are aggressive in not allowing TCSI to be used as a vehicle for such activity. Money laundering is a criminal offense and can subject its perpetrators and/or facilitators to substantial criminal and civil sanctions, including imprisonment and fines. To ensure compliance with anti-money laundering laws and regulations, TCSI has implemented policies and procedures to detect, prevent and report money laundering or other suspicious activity.

The Office of Foreign Assets Control administers and enforces economic sanctions programs primarily against countries and groups of individuals, such as terrorists and narcotics traffickers. The sanctions can be either comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals. TCSI conducts electronic screening of customer transactions through U.S. government and other sanctioned party lists.

Ethical Conduct

Travelex is committed to maintaining the highest level of professional and ethical standards in the conduct of its business affairs. It is critical we maintain our strong reputation for honesty and integrity. These have been core values of Travelex since it was founded in 1976.

TCSI is subject to Travelex’s Global Ethical Conduct policies which ensure full compliance with the Foreign Corrupt Practices Act (“FCPA”) and the UK Bribery Act.

All colleagues and representatives are empowered and expected to raise any concerns that they may have regarding any possible illegal activities or misconduct that they encounter in their work environment.

All employees must attest to their understanding of these prohibitions at the time of hire.


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