Currency Transfer Companies are Subject to Strict Regulations

By Justin Thomas – To many, it is banks alone that adhere to legislation related to customer protection, anti-fraud and money laundering legislation. For this very reason, they tend to call banking institutions the most trustworthy financial outlets. This is a popular fallacy and banks do not take much effort to undeceive their clients by saying that most governments around the globe have imposed strict regulations covering all financial companies processing money orders, money transfers and currency exchange operations. In countries like the U.S. and all member states of the European Union (EU) not only banks but also currency brokers providing payment and similar services are subject to tight supervision. In the U.K. these companies are regulated by the Financial Services...