Class 8 - Money Transmission Services

• operate a bureau de change;
• provide and execute payment services either directly or as an agent;
• provide cheque cashing services;
• issue electronic money;

Full details of regulated activities, exclusions and exemptions from licensing may be found in the Money Transmission Services handbook. A licenceholder must comply with any licence conditions that have been imposed by the Authority and which are shown on the licence.

Transitional Provision

Existing payment service providers must apply for a licence by the 31st March 2011 and they are exempted until the application and any appeal has been determined. Anyone wishing to commence payment services after 1 January 2011 must be in possession of a relevant financial services licence prior to commencing that activity.

The Money Transmission Services handbook also contains links to other legislation relating to licenceholders, including the Financial Services Rule Book which contains the detailed rules to be complied with by licenceholders. Guidance on rules and on other regulatory matters may also be found in the handbook.

The Licensing Policy for Regulated Activities under the Financial Services Act 2008 (“licensing policy”) provides guidance for licenceholders. A licenceholder and its key staff are required to be fit and proper persons. The Authority’s licensing policy is to apply a test of fitness and propriety in the key areas of integrity, competence and financial standing.

Licenceholders should also note the requirements of anti money laundering legislation and handbook.