Safe custody services and money laundering
On 15 December 2007, the Financial Services Authority began regulating businesses that rent safety deposit boxes. We will oversee their efforts to prevent criminals and terrorists from exploiting these services. This page explains what this means for you.
The Money Laundering Regulations 2007 require that businesses that offer "safe custody services" take steps to detect and prevent money laundering and the finance of terrorism. The FSA has been given the responsibility for regulating this.
Safe custody services means the provision of secure storage suitable for holding high-value physical items like jewellery or documents of title. This activity will include renting safety deposit boxes. Businesses that offer these services must:
- Register with the FSA by 15 June 2008
- Take steps to detect and prevent money laundering and the finance of terrorism
To find out more, please read our Frequently Asked Questions.
We have other pages about the Money Laundering Regulations.