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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: What would I expect to see at a Money Transmitters?

Most small money transmitters only offer this service as a secondary business activity. The main profit is often derived from their other business activity, for example, travel agency, grocery or accountancy. They are usually based in communities with families living outside the UK and the local residents use these businesses to send money to their relatives or businesses abroad. As English is not the first language for many MSB proprietors it is sometimes difficult to explain the legal complexities of the Money Laundering Regulations and care is needed to make sure that any advice or instructions that you give are fully understood.

The MSB may have a small number of friends or relatives that are not necessarily officially employed by the business, but who ‘help out’ from time to time, It’s quite common for the premises to have CCTV in operation, but the footage is not always recorded because the system is simply in place so the MSB can see into the main part of the shop if in a back room.

A small number of independent money transmitters carry out their activity from their own domestic premises. In this situation it is likely that the money transmitter does not advertise the service provided to the wider community and only does money transmission for close friends and family.