The FCA has updated its money laundering and terrorist financing web page so that it refers to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the Regulations) which came into force on 26 June 2017.

The FCA has also created a new web page concerning the notification requirements in the Regulations. Firms authorised under the Financial Services and Markets Act 2000 (FSMA) whom the FCA supervises under the Regulations are required to notify the regulator if they carry out certain activities that come under the Regulations but are not part of their FSMA permissions:

  • if the authorised firm conducted money service business (MSB) or trust of company service (TCSP) activities before 26 June 2017, they must notify the FCA by 26 July 2017;
  • if the authorised firm begins to conduct MSB or TCSP activity after 26 June 2017, they must notify the FCA within 28 days of doing so; and
  • if the authorised firm ceases to provide either of these services, they must notify the FCA within 28 days.

View Money laundering and terrorist financing, 26 June 2017

View Notification requirements in the Money Laundering Regulations for FSMA authorised firms, 27 June 2017