Topic: Foreign Exchange

Maria thought she was investing $50,000 with a reputable overseas company, but she was the victim of a scam. Maria asked the transfer company who arranged the international payment to try and recall it, but it was too late. The recipient bank account had been closed. Maria thought the transfer company needed to help her recover her money – was she right?

Kaveeta tried to send money to India, but received an email saying the transaction was not successful. Kaveeta could see the debit on her bank statement. What had happened to her money?

Isaac purchases bitcoin from a cryptocurrency exchanger and invests it in an overseas scheme. The scheme turns out to be a scam, and Isaac loses $15,000 of bitcoin. Does the exchange platform have any responsibility for Isaac’s loss?

Whetu sent money to his relatives in China. Unfortunately, Whetu entered the incorrect bank account. Can Whetu claim his money back from the electronic funds transfers service?

Dan had been sending money to a young woman in a war zone. One day the foreign exchange service declined to complete a transaction. Dan became very upset and complained about the service he received.

Emily and Jasper used a foreign exchange service to purchase an overseas luxury car. Unfortunately, the money was transmitted to a scam account and they did not receive their car. Emily and Jasper complained about the practices of the foreign exchange company and its role in the fraud.

Li Wei opened a foreign exchange account with a trading platform and began trading. At first, Li Wei received a couple of withdrawals from his account. However, the foreign exchange company suddenly went silent and Li Wei could no longer access the money he had deposited in his account, being almost $65,000USD.

Lauren lost $1600 after falling victim to a scam. Lauren had transferred the money to the scammer through a transactional service provider. She believed the transactional service provide was at fault for releasing her transfer to the scammer. Lauren wanted the transactional service provider to pay her $1600.

International money transfer service declines to provide services to a business because its policy is to only accept transactions from and to an individual.

A company asks for identification requirements in excess of the requirements under the AMLCFT legislation. Mark complains the requirements are too arduous and asks for FSCL to investigate.