XE Trade - Frequently Asked Questions

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Are there any restrictions on sending or receiving funds?

Answer

Yes. We are governed by anti-terrorist financing laws and anti-money laundering laws. Sanctions have been imposed upon certain countries that are known to have weak anti-money laundering and/or weak anti-terrorist financing laws, as well as upon specially designated nationals (SDN) within those countries.

For more information, please refer to the following websites:
FATF · OSFI · US Treasury

Additional due diligence is required for transactions involving the following areas. You may be asked to provide additional information, and normal trade timelines will likely not apply as banks in these countries can frequently be slow to pay.

  • Afghanistan
  • Algeria
  • Albania
  • Angola
  • Argentina
  • Bangladesh
  • Benin
  • Bolivia
  • Bosnia and Herzegovina
  • Brazil
  • Burkina Faso
  • Burundi
  • Cambodia
  • Cameroon
  • Central African Republic
  • Chad
  • Chile
  • Colombia
  • Comoros
  • Congo
  • Cyprus
  • Djibouti
  • Egypt
  • Ethiopia
  • Georgia
  • Guinea
  • Haiti
  • Honduras
  • Indonesia
  • Israel
  • Jordan
  • Kenya
  • Kyrgyzstan
  • Laos
  • Lebanon
  • Libya
  • Macedonia, TFYR
  • Madagascar
  • Malawi
  • Mali
  • Mauritania
  • Mauritius
  • Mexico
  • Montenegro
  • Montserrat
  • Mozambique
  • Nepal
  • Nicaragua
  • Niger
  • Nigeria
  • Pakistan
  • Palestinian Territory
  • Panama
  • Paraguay
  • Philippines
  • Russia
  • Rwanda
  • Saint Helena
  • Saint Pierre & Miquelon
  • San Marino
  • Sao Tome & Principe
  • Saudi Arabia
  • Sierra Leone
  • Serbia
  • Slovenia
  • Solomon Islands
  • Somalia
  • South Africa
  • Sri Lanka
  • Tajikistan
  • Timor-Leste
  • Togo
  • Turkmenistan
  • Uganda
  • United Arab Emirates
  • Uzbekistan
  • Venezuela
  • Vietnam
  • Western Sahara

We are not permitted under any circumstances to process trades involving the following countries and groups:

  • Belarus
  • Burma (now Myanmar)
  • Ivory Coast (Cote D'Ivoire)
  • Cuba
  • Democratic Republic of the Congo (DRC)
  • Iran
  • Iraq
  • Liberia
  • Myanmar (formerly Burma)
  • North Korea
  • Sudan
  • Taliban (Group)
  • Zimbabwe

Important: These lists are provided to us by the banking community and the FATF, and are not the result of any subjective decisions on our part.

Remember, during any transaction, regardless of the countries involved, you may be required to provide additional details regarding the purpose of any transaction, the source of the funds, and the relationship between the sender and the beneficiary.

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