As a Funds Transfer Service Provider registered with the FSA, SBI Remit carries out international remittances appropriately and in compliance with relevant laws and ordinances, such as the Payment Services Act, the Foreign Exchange Act, and the Act on Prevention of Transfer of Criminal Proceeds.
We employ a number of measures to prevent money laundering, terrorism financing, and the illegal use of funds gained by fraudulent means. We also issue warnings to help prevent our customers from becoming the victims of fraud.
Confirming your identity
During membership registration we ask our customers for documents to verify identity, confirm occupation, and establish the purpose of the transaction.
We ask our customers to provide details about the recipient of the funds, such as address and date of birth.
Confirmation of commercial transactions
Customers are asked to declare the product name, product origin, and country of shipment to complete commercial transactions used for commercial payments.
If the country of shipment is China, South Korea or Russia, then the “name of the region of shipment” should also be declared.
We place restrictions on remittance to recipients in countries deemed to suffer from a large volume of illegal or fraudulent activity, such as money laundering. In these cases, the details of the transaction request will need to be confirmed before the remittance can go ahead.
Confirming transaction details
Depending on the type of service our customers are using, we will review the transaction details-such as the purpose of the remittance, and the relationship with the recipient.
In some cases, we may ask for additional information to verify details of the transaction.