Piccolo Group Pty Ltd and Piccolo Money Transfer are Both Registered with AUSTRAC - Australian Transaction Reports and Analysis Centre. AUSTRAC oversees the compliance of "reporting entities", with their requirements under the Australian Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and the Financial Transaction Reports Act 1988.
Money laundering is the process by which criminally obtained money or other assets are exchanged for "clean" money with no obvious link to its criminal origin. By preventing money laundering, the movement of funds derived from criminal activities will be inhibited. This will in turn, restrict the availability of funds used for terrorist activities. Piccolo Money Transfer views Money Laundering as a serious criminal offence, and as such, complies with regulatory requirements intended to forestall and prevent money laundering. These include:
• Confirming the identity of our clients.
• Retaining transaction and identification records for a minimum period off five years.
• Training staff in terms of anti-money laundering regulations.
• Appointing a nominated officer responsible for monitoring and reporting any and all suspicious activities to the relevant authorities.
Please note that Piccolo Money Transfer reserves the right to refuse a transaction at any time should suspicion arise that it may be connected to money laundering or any other criminal activity. In addition, Piccolo Money Transfer will be obliged to report this suspicious activity and in line with regulations, is prohibited from disclosing this to the client.
By providing us with false identification or contact details, we will deem this a misuse of our service. We are legally bound to report such misdemeanors to the relevant authorities, and as such you may be the subject of a criminal investigation.
Piccolo Money Transfer will NOT do business with anyone suspected of, or directly involved in Money Laundering, or where funds have been sourced by any illegal activity.
To assist the worldwide fight against the funding of terrorism and money laundering activities, worldwide laws require Piccolo Money Transfer to obtain, verify and record information that identifies each person who who send Money Thru us and opens an account with us. This can be done in many ways, some of which may require you to provide documentation. Below are examples of documentation that may be required. Your customer service representative will guide you through this process.
How long does it take to transfer money?