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HMRC internal manual

Money Laundering Regulations: Compliance

Business sector specific Guidance: Money Service Businesses: Payment Services Regulations checks ata Money Transmitters

All Money Transmitters must be registered with the Financial Services Authority (FSA) to comply with the Payment Services Regulations 2009. The time limit for registration has now expired and all businesses doing money transmission must have either registered themselves, or where they act as an agent of a principal be included as part of their principal’s registration. Any businesses not registered are trading illegally. We have agreed with the FSA that when we carry out an MLR compliance visit we will check whether they have been approved by the FSA for registration under the regulations.

That is the extent of our compliance activity and you do not need to concern yourself with whether the business is otherwise complying with the Regulations. We have been asked however to report any businesses that make use of the FSA logo on their stationery, websites or publicity material. The report in the first instance should be made to RTT who will liaise with the FSA.

If you discover that a business is trading but is not registered with the FSA you must, at the end of your visit, inform them that they can no longer carry out money transmission until they have been approved and registered by the FSA. You should then hand them an FSA information sheet which explains what they need to do. On your return to the office you should send a report to RTT of your findings. A template for making the report and copies of the FSA information sheet are stored in the MLR Staff Information CAF. For detailed guidance covering the FSA/HMRC registration requirements as they apply in Agent/Principal situations see MLR3C17000