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HMRC internal manual

Money Laundering Regulations: Compliance

Legislation: MSBs acting as brokers for loan suppliers

Where consumer credit activities are carried out within an MSB you should always check who is supplying the service before you look at the business’s anti money laundering systems and processes. Where an MSB acts as the lender these activities will be covered by the MLRs 2017. Where the MSB is acting as a broker for another business that is lending the money, the MSB will not be covered by the MLRs for this activity and will not be required to include this activity within its anti money laundering policies and procedures. Some MSBs act as brokers for “log book loans”.