The SHIFT Company was established in 2009 in United Kingdom (Britain) under the name SHIFT Financial Services Ltd.
The Company aims at meeting the needs of the individuals around the world in terms of fast financial remittances on a strong and solid basis and speed that penetrates the barrier of time and distance.
The Company’s logo “SHIFT” comes from the feature of speed and security at the same time and to be a symbol of the fast money remittances industry evolution.
SHIFT seeks to enter and serve the markets that need its services and the studied expansion in those markets, as well as to create a network of service providers to provide its customers with the best services in the time and place that are more convenient to them. The strategy of the Company includes the expansion in many countries starting with the Middle East and Gulf countries, and then move to South East Asia, Europe and then the rest of the world. Develop and provide the new electronic services that fit with the scientific evolution and the clients’ needs.
The strategy of the Company includes the expansion in many countries starting with the Middle East and Gulf countries, and then move to South East Asia, Europe and then the rest of the world.
Develop and provide the new electronic services that fit with the scientific evolution and the clients’ needs.
Fast Service: Your money is in the hands of your beloved ones in moments.
Secure Service:: High end technology that ensures the security of the information,transfers and full protection of your transfers against piracy and theft.
Reliable Service::Ensure the preservation of highest quality standards and reliability in all ordinary and urgent circumstances.
Efficient Service::The capability of the SHIFT system to serve the clients in high efficiency at all the locations that provide the service and around the clock.
Money laundering is the process by which criminals attempt to disguise the illegal origins of the proceeds of their criminal activities and to introduce those proceeds into the financial system as legitimate funds.
Often, the first step of money laundering is placement, where launders use various tools to achieve their goals, like: deposits, money remittances, checks, buying currencies…etc. After that, they layer and integrate the money by investing in a companies and legal actions. At the end of the process, the money will look as clean money and would be hard to trace the illegal actions. After that, the criminals either spend the money or as often, they use it to finance other activities.
One of the International lists of AML and Counter-terrorism will be adopted, i.e. The United Nations’ List. It is possible to implement certain restrictions on the outbound remittances by defining a limit to each inbound or outbound remittance by the Company, and ask for Identification or even suspend the remittances completely. These restrictions could generate from a factor or more of the following:
- Company’s Internal Policies.
- Laws and regulations of the inbound and/or outbound country.
- Restrictions imposed by the Service Provider.
Information regarding the remittances’ restrictions could be found in the “Country Restrictions” page of the Company’s software. The Service Provider should review this page before conducting any remittance. The available information in this page is constantly updated by the Company according to the changes in the local programs and the Company’s internal policies.
The maximum remittance limit is the maximum amount of money that the Service Provider can send on one outbound remittance. It is defined by the Company in order to comply with countries’ restrictions and alert the Company and the Service Provider of any irregular large remittances.
If the remittance limit was reached, then the Service Provider should request from the Shift's Operations and Support Regional Center "SOS" to increase the limit temporarily (valid for same day). For raising the remittance limit permanently, the Service Provider should fill the “Remittance Limit Raise Request” form and send it back to the "SOS" for approval, while providing the Company all the necessary documents that support the need for the raise.
By the law and regulations, the following remittances are prohibited:
- Remittance money for the purpose of buying stocks, bonds, depository receipts, investments funds and/or any other form of investment.
- Remittance money for the purpose of gambling.
- Send/Receive funds on behalf of another entity without providing the necessary legal documents to prove the legitimate representation.
- Splitting a large remittance into small ones in order to avoid reaching the remittance limit.
- Sending more than one remittance, from the same sender to the same receiver in the same day, regardless of the amount.
Customer’s Data and Identification Policy
The identification’s regulations and instructions of the sender and/or receiver may differ from one country to another. And these regulations may differ within the one country and that is based on whether the customer is a resident or not, the amount of the remittance and other factors. Kindly review the “Country Restriction” page in the Company\s software to identify the requirements of each country.
The Company’s laws and regulations are compatible with "FATF Special Recommendation VII" as follows:
- The customer’s residential address and phone number are mandatory and requested by the Company’s remittances system.
- The Service Provider should request the customer’s identification card as per the country local laws of each outbound or inbound remittance, regardless of the principal sent or receipt amount.
The Company’s Report System
This system helps the Service Provider in identifying suspicious or irregular remittances. It controls and creates the reports that include the Senders and Receivers compliance data and will contribute in improving the process of complying with the AML Compliance standards, in addition to meeting the government’s AML Compliance requirements.
The Service Provider is responsible of controlling and auditing the Network to ensure the following:
- All required receipts, reports and other forms are fully and carefully filled, and documented according to the Company’s and local regulations record keeping policy.
- Abide by the requirements of the customer’s identification.
- All suspicious remittances and activities are being reported, and those reports are being carefully documented and archived.
- All the employees receive initial and continuous training to comply with the AML Compliance standards.
- Provide the employees with the updated and revised Compliance standards and requirements.
Official and private requests
It is possible to ask the Service Provider to declare information of specific remittances or customer used the Company’s remittance system. All requests should be sent to the Company’s Operation Center to perform the required action.
Usually these requests would be sent through legal entity, court order or lawyers. Legal documents with the entity’s heading, stating the reason of the request should be attached to each private request.
These requests could be initiated by the sender, receiver or the Service Provider. Written letters with the entity’s heading stating the reason of the request should be presented.
Suspending and banning the remittance system
The Company and the Service Provider cooperate with all the governmental and official requests. If necessary, the Company, through its system would revise all the remittances with the names listed by the relevant governmental, official entities and the Company. When a suspected sender and/or receiver name appears in the accredited lists, the system identifies the name and suspends the remittance, while the Company investigates the name to verify the identity of the sender and/or the receiver. In case the names match, the remittance would be treated as follows:
- In most cases, the Company’s Operation Center revises the remittances and reactivates them on the system rapidly without the need of additional information.
- In certain cases, the Company informs the Service Provider of the need of additional information of the sender and/or receiver in order to revise the match in the names carefully. Upon the receipt of the additional information, the Company’s Operation Center revises the remittances and reactivates them on the system and informs the Service Provider with the action taken.
- If it is impossible to eliminate the names match, the remittance will be suspended and reported it to the adequate government authorities to be dealt with on a legal basis. The remittance can be reactivated once the authorities granted its approval. The Service Provider should be informed with the action taken.
- The Company’s system issues and saves electronic records of each remittance.
- The Service Provider should keep a copy of each send, receive or refund remittance signed by the customer as well as a copy of each send, receive, refund paper form signed by the customer with a copy of the customer’s valid identification card.
- The Service Provider should keep the records for period of at least 5 years. In case the laws and regulations of the Service Provider’s country require keeping those records for more than 5 years, then the Service Provider should abide to the country’s laws and regulations.
The Service Provider should keep the following for a minimum of 5 years:
- The send and receive receipts.
- Control reports.
- Any governmental request with its annexes.
- The documents of suspended remittance.
- Training documents.
- AML Compliance standards documents.
- Audit reports.
- Have you ever been asked to send money for a lottery winning fee or tax payments?
- Have you ever been asked to send money for an unsafe online payment?
- Have you got a deal or business opportunity that seem too good to be true?
Then you might be a victim of a fraud.
SHIFT takes care of its valued clients, and tries its best to secure them, that's why we always advice our clients to send money to people they know.
Clients whom are going to send electronic remittances should know to whom they are sending.
SHIFT is only responsible for transferring the funds to the receiver. Therefore we created some questions & exhibits to help you recognizing the receiver you are planning to send money to:
- Do you know the receiver personally?
- Are you buying goods through the internet?
- Does this offer seem too good to be true?
- Are you being asked to send money to a stranger stating that you have won a prize? And why you?
- Who guarantees that the receiver is not a fraudster or perpetrator?
- Did a caller give you instructions on how to avoid questions asked by SHIFT?
Be Careful from:
- An on-line offer: don’t be taken by a temptation of an on-line offer which tries to convince you that you have won a prize, got a great Job offer or inherited money from a never-heard-about relative. All the above cases, obliges you to send money before getting the offer.
- Being asked for your Personal Information: don’t provide anyone you don’t know with your personal information, copy of your ID, password of your email, Remittance Tracking Code etc… Ask yourself... Why does a stranger need my personal in formation?