What is a Third Party Transaction?
A Third Party transaction is where you, the conductor of the transaction, are acting on behalf of someone else.
For example, if your employer sends you to us to complete a currency exchange transaction on behalf of them:
- You would be the First Party
- Guardian International Currency would be the Second Party
- Your employer would be the Third Party
There are additional requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) that govern Third Party relationships.