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HMRC internal manual

Money Laundering Regulations: Compliance

HM Revenue & Customs
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Business sector specific Guidance: Money Service Businesses: Introduction- Money Service Businesses

Money Service Businesses were first brought within the scope of the Money Laundering Regulations in 2001. The definition included the following types of business.

  • Bureau de Change
  • Cheque Cashers
  • Money Transmitters.

Subsequent revisions to the Regulations were made by the Money Laundering Regulations 2003 & 2007 and the three categories of business remain within the scope of the Regulations. In the 2007 Regulations the term “Bureau de Change” was changed and these businesses are now referred to as “Currency Exchange Offices”. The 2007 descriptor is therefore used for the purposes of this guidance.

In addition to the Money Laundering Regulations 2007, Money Transmitters must also comply with the following legislation:

  • EC Payments/ Wire Transfers Regulations and Transfer of Funds (Information on the Payer) Regulations 2007.
  • Payment Services Regulations 2009.

The following legislation applies to all Money Service Businesses.

  • Directions under Schedule 7 Counter -Terrorism Act 2008
  • Financial Sanctions originating from UN and/or EU resolutions.

Specific guidance relating to Counter- Terrorism Act 2008 is at MLR3C10170. For guidance relating to Financial Sanctions go to MLR3C10180.