Forex World is currently going through a system overhaul while we take our remittance platform to new heights. Forex is working with one of the largest digital solution company’s on an innovative platform that would provide our customers with more flexibility and control within your remittances in 2018. During this major upgrade, Forex World will need to temporarily put our remittance operations on hold (closed temporarily).
Part of this system overhaul is to satisfy requirements of our new banking partner which we will provide you with bank account details in the coming days.
During this time, Forex World will close its current bank account which means we will not be able to accept or process any transfers/deposits made into this account after 5pm today, November 28, 2017. We appreciate that there has not been much notice provided with regards to this account closure, but rest assured we are working on a permanent solution moving forward.
New Bank Account information will be emailed to you and posted on our website and our Facebook page. Please keep an eye on this for all the latest news and updates.
What updates are being worked on?
There are constant changes in regulations globally to deal with the ever evolving threat of Money Laundering and Terrorism Financing. These changes in regulations, affects change within the remittance industry. Forex World has always been driven to remain compliant with the legislation (AML/CTF Act) which is required from us by the regulator (AUSTRAC). In addition to this, we at Forex World continues to do our best to fit into the risk appetite of the banking sector, one of which was our recent NO CASH deposits policy. Some of the upgrades we will be working on are improved screening, transaction monitoring and fraud detection as well as adding the provision to plug our system into an advanced online and digital platform. All of these changes are driven by our focus to maintain our culture of compliance and our culture of continuous improvement.
Although this temporary stop in our operations may not be convenient, we assure you that it will be worthwhile.
We thank you in advance for your patience and understanding while we get to work.