There are many money transfer service providers available to send money online. ACE is an online organization. The privacy policies of ACE are safe, secure and user-friendly.
ACE MONEY TRANSFER:
Aftab Currency Exchange Limited is a UK based organization. It has its brand name as ACE Money Transfer. It provides the people of the UK and other 22 countries with the facility to send money online globally. ACE has its services of sending money over more than 90 countries. The organization has emerged as a reputed and trust able name among all other money transfer service providers. One can send money to the Philippines, Nigeria, Pakistan or any other country through ACE. The company offers the best services at the lowest charges to its customers. The customers are treated as family members of ACE. One can easily send money to Philippines online or any other country by following a simple procedure.
The organization collects information about the customer and also the electronic device that one uses. The company does data collection in various ways. Data about the customer and data relation to the social and financial details are recorded at different points. It also collects data about the receiver. The online service provider, as well as the legal requirements, need to collect data of the sender, receiver and related details.
TYPES OF DATA COLLECTION:
The data collection is of various types and aspects. The company basically collects the following type of data:
· Personal data of customer:
The basic personal data of the member of the organization is collected. This type of data is solely concerned with the customers’ personal details. This data consists of the name, date of birth, address, phone number, and email e.t.c. This data is collected when the customer registers at ACE. To become a member during signing up, one has to enter the data relating to the personal details.
· To “know your customer” data collection (KYC):
There are regulations for KYC i.e. Know your customer by the local and international organizations. The regulations make the organization verify the customer by entering his detail as:
- Passport, driving license, national ID card or residence permit as the proof for the identity of the customer.
- Utility bill or bank statement for the proof of address that the customer provides to the company.
- Pay-slip, credit card statement, tax receipt e.t.c as a proof for the source of money the customer sends.
• Technical data:
This data is concerning the services of the organization that the customer uses online. This data includes the details of online searching on the website or app of the organization. This type of data includes views of the page on the website or app, App download or not. Operating system and the Browser used by the customer. This data helps the company to improve its services online.
• Recipient data:
The data related to the recipient that receives the money transfer is also collected. This data is very important regarding the confirmation of the permission of the receiver. The consent to share the information relating to the receiver is also given to one in the form of a notice. For example, to send money to the Philippines one has to enter data about the recipient there.
• Data from a social, online source:
This data is collected when the customer allows the site or app to access the social media site such as Facebook, Twitter or Google profile images and names, banks and payment service providers used to transfer money to us, advertising networks, search engines providers as Yahoo.com or Google, credit reference agencies
REASONS OF COLLECTING DATA:
• Transactional purposes:
This is the data relating to the account details of the sender and receiver. It is collected to perform an accurate transaction process. No money transfer is possible without this data.
• Regulatory purposes:
It consists of Know Your Customer (KYC) and Customer Due Diligence (CDD) checks. This is done by ACE and its partners as per the regulations. It makes the online money transfer service safe and secure. This type of data collection is important for legal and regulatory purposes. Anti Money Laundering (AML) and Counter-Terrorist Financing (CTF) legislation require to conduct these checks.
• Marketing purposes:
Regarding the personal data, the site may provide some communication relating to marketing. The personalized service is according to ones’ interests. One can object to the marketing communication at any time.
• Analytical purposes
The organization also may collect the data analysis as the visits to their sites. This analysis is for making the services improved and qualitative for the customers. This is the right of the customer to may share this data or not with the organization. One will not fully enjoy the services by stopping the organization to share this data
DATA SAVING AND SECURITY:
- The data collected by the site is safe due to the encryption with the secure servers. The data of customers is not even shared with the employees except some. Thes employees need the data because of business relating purpose. The communication with the customers is secured with the Transport Layer Security technology protocol.
- The data saving time depends on the type of data. The data in terms of information is regularly assessed and makeup to date. The data is saved for 5 years after the customer quits the services of ACE as per local regulations.
The legal justification for collecting and processing personal data is of legitimate interest. Communication and promotion make the services for the customer better. The customer can experience better-personalized services.
CHANGES IN POLICY:
The organization of ACE may make changes in the policy anytime. The recent updates are shown at the top. The update or change starts from when is stated in the policy.
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