The FCA has published a new webpage covering the notification requirements for FSMA [Financial Services and Markets Act 2000] authorised firms that it supervises under the Money Laundering Regulations 2017, which came into force on 26 June 2017.
The FCA lists three situations in respect of which an authorised firm may need to make a notification:
- firms undertaking money service business (MSB) or trust or company service (TCSP) activities before 26 June 2017 must notify the FCA by 26 July 2017;
- firms that begin to conduct MSB or TCSP activity after 26 June 2017 must notify the FCA within 28 days of so doing; and
- firms that cease providing either MSB or TCSP services must notify the FCA within 28 days of so doing.
The webpage provides further information on what constitutes MSB and TCSP activities and details how firms may meet the reporting requirement, including linking to further guidance to assist firms in determining whether there is a need to report.
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