AFEX Money Transfer Review

About AFEX
AFEX is a global payment and risk management solutions specialist which formed in 1979 principally for the benefit of corporations but also offer services to individuals. AFEX has over 25,000 clients globally.

Services
They offer a comprehensive range of global payment and foreign exchange services, including Foreign Currency Drafts, Wire Transfers, risk management tools and designated Account Executives. They claim to handle all aspects of a client’s foreign payment needs, from risk consultation to transaction execution.

Regulation
In the United States, AFEX is subject to the Bank Secrecy Act as amended by the USA Patriot Act. They are registered with FinCEN and regulated by the IRS, in addition to being licensed and regulated by several state banking commissions in the US, including the New York State Banking Department and California Department of Financial Institutions.

In the UK, AFEX is authorised and regulated by the Financial Conduct Authority (FCA) under the Payment Service Regulations 2009 for the provision of payment services.

In Switzerland, they are regulated by the self-regulation organisation VQF. The VQF holds the function of an official FINMA-recognised self-regulated organisation (SRO) pursuant to the Anti-Money Laundering Act (AMLA).

In Australia, AFEX is licensed and regulated by ASIC and AUSTRAC.
They comply with all EU and local regulations, including the European Markets in Financial Instruments Directive (MiFID).