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HMRC internal manual

Money Laundering Regulations: Compliance

HM Revenue & Customs
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Legislation: MSBs carrying out Consumer Credit Activities

Under the MLRs 2007 HMRC is responsible for the supervision of any consumer credit activities requiring a category A consumer credit licence when they are carried out by a MSB required to register with HMRC.

All consumer credit businesses are required to comply with anti-money laundering legislation by putting in place risk sensitive anti-money laundering policies and procedures to prevent their businesses from being used by money launderers and terrorists. They must also report suspicious activity to the Serious Organised Crime Agency (SOCA).

As a supervisor HMRC is required to effectively monitor the consumer credit activities carried out by MSBs along with the money services such as cheque cashing, bureau de change or money transmission.

Consumer credit institutions that are not FSA authorised or carrying on business within an MSB will be supervised by OFT.