Currency Exchange International is dedicated to remaining in compliance with all laws and regulations in the jurisdictions it operates its business. Compliance has long been at the forefront of its entire business operating model and business plan of the company. CXI's compliance program is advanced by its proprietary software (CEIFX's CVS or Compliance Verification System), which has been built with compliance at its core, strict Know Your Customer best practices, and a prudent account opening and monitoring process so that everyone involved is comfortable with every client and transaction performed.
There has never been a time when compliance has been more important than in today's regulatory environment. CXI understands and dutifully accepts the responsibilities that come with working within the financial industry, where businesses are targeted by groups looking to launder money or conduct some other illegal activity be it fraud, theft, or trafficking. CXI's entire team is committed to aggressively deterring criminals from involving the company in their practices.
CXI, the operating business in the USA, has an experienced compliance team led by Catherine Shepardson (CAMS) who ensures all employees and directors of CXI are routinely trained and tested on the latest enhanced compliance concepts. As part of its compliance practices, both internal and external sources are regularly reviewed to achieve CXI's compliance program’s "best in class" standard.
In the United States, CXI is registered with the Financial Crimes Enforcement Network (FinCEN) as a Money Service Business (MSB), as well as with the State of Florida as a licensed Money Transmitter covering all activities in regards to checks and foreign exchange. Similarly, CXI operates in many other states across the U.S. that regulates the business such as California, New York, and Virginia. CXI holds all appropriate state licenses in which it operates.
CXI continues to have a stellar record of operating from building its in-depth compliance monitoring and programs. CXI employs annual independent reviews of its compliance training and programs, most recently conducted by Michael McDonald & Associates, Inc. (a leading American Compliance Consulting Company). CXI will always be dedicated to diligent compliance practices, developing industry leading compliance tools and utilizing independent external consultants to provide the company additional layers of security.