Below are frequently asked questions on compliance
What checks are done on larger orders?
We conduct Anti-Money Laundering (AML) checks which requires us to have transparent oversight and clear understanding of client transactions. We may request any of the following documentary evidence where required depending on the types of industries, activities, and countries the payment is being remitted:
- Source of Funds (bank statement showing where the funds originate from)
- Source of Wealth (document showing how wealth acquired)
- Purpose of Transaction (e.g., if your payment reason is to pay supplier invoices; the invoices would need to be provided)
- Ultimate Beneficiary (who will receive the final payment)
Why are these checks conducted?
AML/CTF checks are conducted as Midpoint are required to be compliant with the UK FCA regulations to prevent and combat money laundering.
Are my funds safe?
All funds are held in client segregated trust accounts with our payments platform, Currencycloud. These accounts are separated from corporate funds in line with FCA regulations and have been developed to protect client funds in the unexpected event of fraud or bankruptcy.