What legal requirements are essential for a UK-based international money transfer startup?

Asked Jan 7, 2012· 1 answer ·Developed Markets, EMEA, European Union, United Kingdom, Western Europe
Faisal KhanAnswered Jan 7, 2012
Must have legals are a Compliance Officer in your organisation.

The FSA (Financial Services Authority) has now ceased to exist, and as of 1st of April 2013, the FCA (Financial Conduct Authority) and Prudential Regulation Authority (of Bank of England), are the ones that would be looking over the money-transfer business.

You can get licensed by them to engage in Money Transfer Business, which allows you to use your license and extend services out on to EU countries as well.

References:

  • Financial Services Authority (Now no longer valid)
  • Home - Financial Conduct Authority
  • Prudential Regulation Authority
UK LicensingPayment Institutions (PI)UK Payment Services Regulations (PSRs)Authorised Payment Institutions (API) Developed MarketsEMEAEuropean UnionUnited KingdomWestern Europe
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