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Currency Cloud is an Electronic Money Institution (EMI), where they receive, collect and store funds for our clients, as well as facilitating FX conversions and processing outbound payments.
Any funds held on a client's behalf, for the provision of a conversion or payment service, are subject to safeguarding - ensuring that your funds are always protected and can be issued back, should Currency cloud go into administration or liquidation. Unlike holding money in a standard bank account, all of our clients’ funds are protected, regardless of the value.
" End-clients’/customers’ funds are fully protected and held in safeguarded accounts. In this process their funds are either held separately from both Currency cloud and the client’s funds, or covered by a safeguarding insurance policy. "
All network traffic is encrypted at a transport level and confidential information is encrypted at rest. We use best practices in terms of encryption key storage and security.
Security and compliance are of paramount importance to GC Partners. We adhere to strict, stringent regulations and have robust internal controls in place to safeguard your funds and minimise any risks to the business or your money.
All transactions are initiated using a secure payment system which ensures each payment is approved internally by multiple users and processed by our Tier 1 banking partners. We do not speculate on the currency markets or invest your money overnight. When you enter a transaction with us, we enter a matching, binding trade with our bank.
To comply with regulations, client money is held in segregated client ‘safeguarding’ accounts using our global Tier 1 banking partners. Therefore, all client funds are held separately from any company money or assets.
SECURITY REGULATION
Global Currency Exchange Network Ltd trading as GC Partners is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 for the provision of payment services (Firm Reference Number 504346).Global Currency Exchange Network Ltd trading as GC Partners is an Authorised Payment Institution (API) that puts the security and protection of your money at the core of our business. As a money services business, we’re also regulated by HM Revenue & Customs (HMRC) under the Anti Money Laundering Regulations 2017. Registration number 12137189.Global Custodial Services Ltd trading as GC Partners is regulated by the Financial Conduct Authority and holds Part IV Permissions under the FSMA 2000 (FRN 595875).
AUDITS
Global Currency Exchange Network Ltd T/A GC Partners is independently audited each year by a 3rd party compliance specialist & Global Custodial Services Ltd T/A GC Partners is independently audited each year by a 3rd party Client Money (CASS) specialist to ensure that all processes, procedures and controls are in line with the FCA guidelines. The UK CASS rules are amongst the most stringent in the world with regards to how client money is reconciled and reported both internally and externally.
Insurance
GC Partners has Professional Indemnity (PI), Directors and Officers, and Cyber insurance.
Trading address:
27 Bush Ln, London EC1V 2NX
Registered Address:
Kemp House 160, City Road, London, EC1V2NX
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