Security and Compliance
Interpolitan Money Plc adheres to strict regulations and has robust internal controls in place to safeguard client funds and minimise any risks to the business or client monies. All transactions are initiated using a secure payment system which ensures each payment is approved internally by multiple users and processed or held with our existing counterparty banking partners.
We don’t speculate on the currency markets or invest clients’ money. When transactions are entered with us, we enter a matching and binding trade with a counterparty bank.
Interpolitan Money Limited is authorised by the UK’s Financial Conduct Authority (FCA) under the Electronic Money Regulations and the Payment Services Regulations for the issuing of electronic money and the provision of payment services. Our FCA Firm Reference Number is 900413.
As an Authorised Electronic Money Institution, any funds received by Interpolitan Money Plc prior to the value date of a foreign exchange trade or held by Interpolitan Money Plc post trade but not yet paid to the order of the client are redeemed for Electronic Money, which is issued for to the client and segregated accordingly. All client balances are stored electronically on Interpolitan Money Plc’s back office system, and repayable on demand.
Interpolitan Money Plc operates compliant segregated accounts referred to as “safeguarding accounts” held with our global banking partners. The Financial Services Compensation Scheme (FSCS) does not apply to funds held with us. Instead, Interpolitan Money Plc safeguards client funds as it is required to through the Electronic Money Regulations 2011 and the Payment Services Regulations 2017.
All client money is held in segregated client designated safeguarding accounts, separated from all other company assets. This means all client funds are held separately from any company money or assets to comply with the regulations. Client funds are always available, never moved, invested, or loaned out and, as such, are not exposed to such risks.
Addition information with reference to the safeguarding process all Electronic Money Institutions must undertake can be found at: FCA: Using Payment Service Providers.
Interpolitan Money Plc is independently audited each year by third party compliance specialists to ensure that all processes, procedures, and controls are in line with FCA guidelines. Interpolitan Money Plc annually reviews existing counterparty relationships with all its key partners.
We take our anti-money laundering and counter terrorist financing responsibilities very seriously. We ensure that robust customer due diligence is performed, including the monitoring of suspicious activity as required and directed both under law and through industry guidance.
Interpolitan Money Limited is registered as a data controller with the Information Commissioner’s Office (Ref ZA082729). The ICO is the UK’s independent authority set up to uphold information rights.
Interpolitan Money Plc is a member of the Association of Foreign Exchange and Payment Companies (AFEP). AFEP is a well-respected association that acts as the voice of the industry and liaises with government departments and regulatory bodies on important legislative matters.