The Money Laundering Regulations oblige Authorised Firms to inform us if they act as money service businesses or trust or company services providers. As such, an authorised person should notify us if:

  • it is a trust or company service provider;
  • it operates a currency exchange office (a bureau de change);
  • it transmits money (or any representations of money) by any means;
  • it cashes cheques that have been made payable to customers;
  • it is subject to the EU's Payments Regulation.

If an Authorised Firm falls into one or more of these five categories, it should notify us. Any Authorised Firm that begins to act as an Money Service Business or a Trust and Company Service Provider must notify the FSA within 28 days.

In November 2007, we wrote to many Money Laundering Reporting Officers (MLROs) of authorised firms telling them they needed to notify us if their firm was also a 'Money Service Business' or a 'Trust or Company Service Provider'. For further information see our frequently asked questions.

The Money Laundering Regulations 2007 require authorised firms to notify the FSA by 15 January 2008 if they are "Trust or Company Service Providers" (TCSPs) or "Money Service Businesses" (MSBs). If a firm failed to meet the 15 January 2008 deadline, we suggest you inform the FSA of the steps you are taking to prepare your notification.

Notification

If a firm falls into one or more of the five categories above, Authorised Firms should use the notification form to let the FSA know. For assistance on how to complete it, please see the sample form. A firm that is applying for Authorisation will be asked whether it is a Money Service Business or a Trust or Company Service Provider in the 'Core Details' section of the Part IV Permission Form.

Please note that appointed representatives or other registered businesses will not need to notify the FSA but may require registration under the money laundering regulations. Please see What is required of newly registered businesses?.