Money Service Businesses (MSBs): Registration Exemptions
In accordance with MLR 2007 Regulation 4 (1) (e) and (2) and Paragraph 1 Schedule 2, there are registration exemptions in place for any business acting as a Bureau de Change or as a Cheque Casher which:
- carries out this relevant business on an occasional or very limited basis
- and which is not already acting as a Trust or Company Service Provider (TCSP) or as an Accountancy Service Provider (ASP).
To be exempt from registration, such a business must also meet all of the following conditions:
- the total annual turnover in respect of the currency exchange or cheque cashing does not exceed £64,000; and
- the annual turnover in respect of the currency exchange or cheque cashing does not exceed 5 per cent of the total annual turnover of the business; and
- the currency exchange or cheque cashing is limited to no more than one transaction exceeding €1,000 by any one customer whether it is carried out as one transaction or a series of transactions which appear to be linked; and
- the currency exchange or cheque cashing is ancillary and directly related to their main activity; and
- the currency exchange or cheque cashing is provided only to customers of their main activity and is not offered to the public.
When all of these conditions are met, such a business does not need to register with HMRC.