The Payment Services Regulations (PSRs) come into effect on 1 November 2009. They require anyone who is providing payment services (which includes money transmission) by way of business to be authorised by or registered with the Financial Services Authority (FSA). Providing payment services by way of business without being authorised or registered will be a criminal offence.
HM Revenue & Customs (HMRC) retains responsibility for anti-money laundering supervision of money service businesses. Therefore money transmitters supervised by HMRC for money laundering regulation will also have to apply for registration/authorisation with the FSA under the PSRs.
The PSRs also set out a number of provisions and businesses may need to change operating arrangements to ensure they meet these new requirements.
One requirement of PSRs is for businesses to be established within the UK. If you are changing your company structure to comply with the PSRs and this will affect your Money Laundering Regulations (MLR) registration with us please contact our VAT & Excise Helpline on Tel 0845 010 9000). Tell our Helpline that you need to change your MLR registration to comply with the PSRs and they will take your contact details and arrange for an officer from the MLR policy team to contact you to explain the options available to you. Please contact our Helpline before you send in new registration application forms.
More information, on the PSRs, including full detail of how to apply, and the necessary forms, can be found on the FSA website. You can also contact FSA by phone on Tel 0845 606 9966.
Go to the FSA website (Opens new window)
All money transmitters who have not already done so are urged to check the FSA website as soon as possible to ensure that they are able to continue to operate within the law.
