MSB / SPI Applications and Compliance

A Money Service Business (MSB) is an entity that deals with money conversion or transfer. Examples of MSBs include check cashers, currency exchanges, and money transmitters. MSBs are required to comply with the registration, reporting, record-keeping, and anti-money laundering program requirements.

MSBs are at a higher risk of being used in financial crimes, which is why financial authorities place such a strong focus on them . If you are an MSB, you must register with HM Revenue & Customs (HMRC) under the money laundering regulations and get licenced from Financial Conducts Authority (FCA).

At Harrow Accountancy, we have expertise in preparing your application to FCA for authorisation and HMRC for Anti-Money Laundering Supervision including Fit and Proper test applications.

All MSB’s are required to have dedicated compliance department in place to overlook the routine transactions of the business and help with developing AML/CTF, CD, Payment Sensitive Data, Transactions Process and Security Policies to ensure that the business is fully compliant with the regulations prescribed by the regulatory bodies.

At Harrow Accountancy, we provide training to your staff and monthly compliance service to your business at reasonable fixed fee.