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HMRC internal manual

Money Laundering Regulations: Registration

From
HM Revenue & Customs
Updated
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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:
  1. are made payable to the customer; or
  2. 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).