Beta This part of GOV.UK is being rebuilt – find out what beta means

HMRC internal manual

Money Laundering Regulations: Registration

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.