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Compliance & Fraud Procedure

HomeCompliance & Fraud Procedure
  1. Compliance

TOUMAFX recognizes the importance of having comprehensive compliance procedures in place to detect illicit criminals using our system. We are deeply committed to fighting money laundering and terrorism and in order to fulfil this commitment, we at TOUMAFX have adopted the following measures.

  1. We train our staff on a regular basis on understanding and applying anti-money laundering laws and regulations. This training ensures that our staff team as well as our agents are fully aware of existing regulatory requirements and to adopt best practice of anti-money laundering and terrorist financing guidelines.
  2. We have also have an anti-money laundering manual which is regularly updated according to all the relevant new regulations applicable that provides strict guidelines for our employees and independent agents in the detection of potential money laundering and or any other activities that maybe considered suspicious activities. We are currently implementing a Risk Based Approach in fighting money laundering and terrorism finance.
  3. We subject our operations to independent compliance, audit, risk management and legal functions to evaluate our compliance with applicable anti-money laundering laws, rules and regulations.
  4. Fraud Awareness

Managing fraud risks is also a key objective for TOUMAFX. Firstly, there is the obligation to protect our system from becoming an instrument for fraudulent activities and there is the obligation to warn our customers for such activities. Secondly, TOUMAFX wants to protect its reputation as a reliable money transfer services. We will take action against any form of criminal activity, whether it is money laundering, the financing of terrorism, or fraud.

Fraudulent Abuse of Money Transfers

Customer-focused money transfer fraud: By telling a credible story, fraudsters motivate their victims to transfer money to unknown and unreliable beneficiaries.

 

Fraud related to money transfers is committed against two different victims:

  1. Our customers who transfer money to a fraudulent beneficiary
  2. Employees or agents working for TOUMAFX.

The first group, our customers, is the most targeted victim. Customers can become the victim of various schemes used by fraudsters to illegally appropriate money from the customer or to steal money from others through the customer. In addition, you, the person operating the TOUMAFX system to conduct orders for our customers, can be the victim of fraud. In this case, fraudsters try to access to the money transfer system abusing your system password.

General examples of fraud are: 

  1. Internet or auction purchases
  2. Taxes or other fees to claim lottery prize winnings
  3. Down payments or fees to loans
  4. Investment opportunities
  5. Emergency situations with someone you have met on-line
  6. Jobs that can be done from home, but that need a fee for training

Apart from these examples other types of money transfer fraud exist and new types emerge regularly. However, generally they have similar characteristics you can learn to recognize. 

So we recommend

  • Never send money to someone you do not personally know.
  • Never send money first in order to get something in return later on, like for a lottery, a job, or a loan.
  • Do not believe an emergency story from someone who says to be a relative without verifying the person really is your relative.
  • Do not believe in offers that state a money transfer is the only possible way of payment.
  • Think before you act, an offer that sounds too good to be true is usually too good to be true.
  • Be aware there is no protection against loss due to a fraudulent money transfer.

Reporting Fraud

If you believe you discovered an attempted or a case of fraud, please immediately report it to us to the below contact details.

support@sendpay.money   Ref.:  REPORTING FRAUD

Phone:  +44 0208 171 9955  (Ask to speak with the compliance officer).