ECSH41500 - Businesses supervised by HMRC that also need to be registered for authorisation with the Financial Conduct Authority
Money service businesses (MSBs) that are required to register with听HMRC听and carry out money transmission also need to be authorised by the Financial Conduct Authority (FCA) under the Payment Services Regulations 2009. For more information on MSB supervision, see ECSH51225.
How a business is registered is a matter for the business to decide, but their registration/authorisation with听HMRC听and the听FCA听must be consistent (unless the requirements of the registering/authorising authority stipulate otherwise) and appropriate. A business may have agents, some of whom are registered with the听FCA听solely as agents of that principal, as well as other agents who are MSB principals in their own right (and authorised as a small payment institution accordingly) but who act as an agent for the principal in relation to certain transactions or remittances to specific geographical areas. Businesses must register all such businesses as agents within their听FCA听authorisation and all the individual addresses must be listed on their听HMRC听registration.
Principal businesses are responsible for all the activities and anti-money laundering compliance of all their business premises and agents. This includes, but is not limited to, the provision of training and the application of their businesses policies and procedures.
Checking that a business바카라 사이트檚 registrations are correct
HMRC听checks for discrepancies between its register and the听FCA바카라 사이트檚 list of authorised persons.
Businesses should check their details with both听HMRC听and the听FCA听to ensure they are correct. If there are any differences, the business should decide which registration is appropriate and change any registration details that are incorrect.
HMRC may challenge, and potentially sanction, businesses if we believe their registration is incorrect.
The HMRC 바카라 사이트�Who Needs to Register for Money Laundering Supervision Guidance바카라 사이트� contains further information on businesses supervised by HMRC and the FCA.
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