The market currently looks as follows;
|
|
Firms
|
Stores
|
|
Total MSB sector
|
1854
|
44,471
|
|
Of which do Currency Exchange
|
1178 (64%)
|
20,941 (47%)
|
|
Of which do Money Transfer
|
990 (53%)
|
28,790 (65%)
|
|
Of which do Cheque cashing
|
445 (24%)
|
2,386 (5%)
|
Interestingly in 2010 there were 3585 firms but only 42,738 stores. They found there were examples of good and bad practice in the relationships between principals and agents and encouraged firms to fully understand the ML Regulations 2017, to follow the HMRC guidance, and to always apply a risk based approach. https://www.gov.uk/government/publications/money-laundering-supervision-review-of-money-service-businesses
HMRC have now produced the full Guidance for Money Service Businesses as promised. The report is very helpful and covers their expectations and ‘must do’s’ in terms of;
-Senior Manager Responsibility
-Risk Assessments and policies
-Customer Due Diligence
-Money Transmitters Obligations
-Reporting Suspicious Activity
-Staff training
-Principal=Agent Relationships
-Risk indicators for each type of MSB
The report is available at https://www.gov.uk/government/publications/anti-money-laundering-guidance-for-money-service-businesses
Both reports are available in the NPA members web area and we have an AML module in our online training provision, contact NPA for further details Kristy.bielby@thenpa.com