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HMRC internal manual

Money Laundering Regulations: Registration

The Scope Of Money Laundering Regulations: Registration: Annex 1 Financial Institutions’ Activity carried out by MSBs

ome MSBs registered with HMRC, also carry out activities as Annex 1 Financial Institutions such as those providing safe custody services or financial leasing. (Annex 1 Financial Institutions are defined in the MLR 2017). HMRC is the only supervisor for such businesses.

This means that when we check the compliance of HMRC registered MSBs that are also Annex 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: FCA or HMRC. No legal entity will have both FCA and HMRC as supervisor. FCA is the supervisor for Annex 1 Financial Institutions who are not HMRC-supervised MSBs, including those carried out by an FCA authorised money service business.