Money remittance businesses
Experienced, specialist, committed
If you are one of the 2,800 money remittance businesses in the UK, you will know how your sector is affected by legislation. In order to succeed, you need to be committed to preventing money laundering and ensuring that you comply with regulatory requirements.
The latest legislation you have to address is the Payment Services Regulations 2009 which will require registration or authorisation with the Financial Services Authority (FSA) and ongoing regulation and scrutiny by them thereafter.
In order to become authorised, the applicant must :
- be a UK incorporated company
- have a clear organisation structure
- have effective risk management procedures
- have adequate internal controls
- have sound accounting and administrative procedures.
The Regulations also impose quantitative capital requirements for financial stability. There is an initial capital requirement for authorised money remitters of EUR20,000.
Littlejohn's specialist money remittance team has the sector knowledge and experience of working with the FSA to guide you through the registration process. We can help you with:
- preparation of your application for FSA registration
- preparation of your application for FSA authorisation
- completion of your annual FSA return
- undertaking reviews to ensure that your business complies with the Payment Services Regulations
- audit of your annual financial statements
- preparation of your annual financial statements
- corporation tax compliance and planning.