The Scope Of Money Laundering Regulations: Registration: Annexe 1 Financial Institutions’ Activity carried out by MSBs
Some MSBs registered with HMRC, also carry out activities as Annexe 1 Financial Institutions (http://www.hm-treasury.gov.uk/d/moneylaunderingregulations2007.pdf), such as those providing safe custody services or financial leasing. HMRC is the only supervisor for such businesses.
This means that when we check the compliance of HMRC registered MSBs that are also Annexe 1 Financial Institutions we must make sure that both activities are included in the businesses’ anti money laundering policies and processes.
Financial institutions will have only one supervisor: FSA or HMRC. No legal entity will have both FSA and HMRC as supervisor. FSA is the supervisor for most other Annexe 1 Financial institutions including those carried out by an FSA authorised money service business (http://www.fsa.gov.uk/pubs/other/flowchart.pdf)