Money Service Businesses (MSBs): Definition of MSB Activities
The Money Laundering Regulations 2007 defines the activities covered within MSBs as:
- Bureau de Change - a currency exchange undertaking, which can either be retail or wholesale. It is not necessarily in the form of a traditional bureau de change; it is the activity of exchanging money that creates the liability to register.
- Money Transmission - the transmission of money, or any representation of money (including traveller’s cheques, whether wholesale or retail) by any means, including wiring money and small e-money issuers.
It does not include:
* payment by BACS, CHAPS or postal orders; or * cash courier services (collecting money from customers and delivering to the end recipient)
- Cashing Cheques which are made payable to customers. These are cheques which are made out by a third party and either:
- are made payable to the customer; or
- have no payee shown. In this case the name of the person cashing the cheque will have to be entered as payee. This is still a third-party cheque as it is made out by a third party for the benefit and use of the customer.
It does not include cashing customers’ personal cheques (that is, cheques written by customers and payable against their own accounts).