ECSH47534 | Refusing a money transmitter - contacting the Financial Conduct Authority

Money service businesses (MSBs) providing money transmission services must be supervised by HMRC under The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) and authorised by the Financial Conduct Authority (FCA) under the Payment Services Regulations 2017. The FCA must be informed when the application of a MSB that is registering to provide money transmission services is refused by HMRC.

When refusing the registration of a money transmitter, you should set a reminder to contact the FCA 30 days after the date the notice to refuse was issued to the business and take the following action:

• If the business requests a review of the decision within 30 days of the decision being issued, you must not contact the FCA until the result of the review is determined.

• If the decision is upheld at review, you should send an email

  (This content has been withheld because of exemptions in the Freedom of Information Act 2000)

  requesting that the FCA is notified of HMRC’s decision to refuse the business’ application for registration.

• If the decision is overturned at review, you do not need to notify the FCA that the business’ registration was refused.

• If the business does not request a review of your decision within 30 days, you should send an email to the EC-S information gateway mailbox requesting that the FCA is notified of HMRC’s decision to refuse the business’ application for registration.

• If the business submits a late application for review which is accepted, you should send an email to the EC-S information gateway mailbox requesting that they notify the FCA that the decision is under review.

(This content has been withheld because of exemptions in the Freedom of Information Act 2000)