FCA advises firms on MLR notification requirements

FCA has created a new page on its website to reflect the MLD4 requirement for firms that are authorised under FSMA and supervised by FCA for their MLR compliance to notify it if they undertake money services business (money transmission, currency exchange or cheque cashing) or trust and company service activities.

The requirement to notify FCA of these non-regulated activities does not apply to:

  • e-money institutions (as these are not authorised under FSMA but operate under a different regime);
  • consumer credit firms who carry out MSB activity (although these are authorised under FSMA they are supervised by HMRC for MLR compliance); or
  • authorised professional firms (who are supervised by their professional body).

Firms that already carry on these activities must tell FCA they do so by 26 July. Otherwise, the requirement is to tell FCA within 28 days of either starting or ceasing the activity.