Businesses that exchange currency, transmit money or cash cheques for their consumers are known as ‘Money Service Businesses’ and need to register as such.
HM Revenue & Customs (HMRC) is the supervisory body for most Money Service Businesses under the Money Laundering Regulations. If you run a Money Service Business, you are required to register with HMRC. Although, there are a number of exceptions to this. For more details, see: https://www.gov.uk/guidance/money-laundering-regulations-money-service-business-registration.
In addition, you must ensure with you comply with the UK legislation covering anti money laundering and counter financing of terrorism. For more details on how to comply please see HMRC’s Money Laundering Guidance for MSB’s.
In order to assist our members with this, we have produced a free Anti-Money Laundering Policy and Procedure template document which is accessible via the members’ only section of our website and we also offer comprehensive anti-money laundering training.