Know Your Customer checks
When you register as our customer, we are obliged by law to make sure that we properly identify you and understand your transaction requirements. We will verify the ID, address and other information you provide to us. We also need you to carry out a ‘selfie’ ID check. Selfie identity verification confirms someone’s identity by instantly comparing a selfie with their ID photo. This process is easy and adds extra security, making it more difficult for fraud to happen. Keeping your personal and financial information secure is our priority and when you access your LiX FX account, it’s important that we know that it’s you. Here are some of the measures we have in place:- Providing Information – We’ll never call or email you asking for your LiX FX account details, your one-time passcodes or passwords. If you do receive a call asking for this information, simply end the call and get in touch with us directly.
- Log in details – when you open a LiX FX account, you’ll set up online login details unique to you. These will be your email address and password, to protect yourself we recommend you do not share them.
- Strong Customer Authentication (SCA) – The introduction of SCA in UK legislation since 2017 requires LiX FX to apply Strong Customer Authentication when you access your account. This means that you will have to enter your password (known only to you) and a code that we will send to either your registered mobile phone or your registered e-mail address.
- Use secure networks
- Use a strong password
- Never share or give out your personal details
- Use an antivirus software and firewall
- We’ll never call or email asking for your account details, passcode or password
- Be aware of police advice on fraud threats (see below).
Safeguarding
- LiX FX is regulated by the FCA as an authorised payment institution (FRN: 526884) to offer money remittance, which is a payment service.
- In the view of the FCA, an institution that is carrying out a foreign exchange transaction independently from its payment services is not required by the PSRs 2017 to safeguard funds received for the purpose of the foreign exchange transaction.
- LiX FX holds all client money used for a payment service (e.g. a money remittance where funds are sent on to a third party) in accordance with the Financial Conduct Authority’s (FCA) payment services rules for safeguarding.
- Safeguarding is the obligation to identify and keep client monies segregated and protected from all other funds that the business may hold, moving the funds to a safeguarding account if they are still held by the firm on the day following receipt. The obligation commences as soon as funds are identified as client monies (and stops when funds are remitted to the client’s recipient).The law requires that the funds must be held in a designated safeguarding account in a UK or EU regulated credit institution. LiX meets these obligations.
- The funds are no longer deemed relevant once the firm has remitted them to a third party recipient and can reasonably assume that the funds have reached the recipient’s bank account.
- This arrangement is designed to ensure that client money is not a risk in the unlikely event of LiX FX getting into financial difficulties.
- Neither foreign exchange nor payment services are regulated investment products so do not fall under the Financial Services Compensation Scheme.
