Global Currency Exchange Network are a registered Money Services Business.
For a business to safely make currency transfers for clients, they need to be registered as a Money Services Business with the UK Revenue & Customs.
HMRC explain that: “Businesses that exchange currency, transmit money or cash cheques for their customers are known as ‘Money Service Businesses’. Money Laundering Regulations require most Money Service Businesses to register with HM Revenue & Customs (HMRC).”
What is a Money Service Business?
The term Money Service Business has a special meaning under the Money Laundering Regulations 2007, which came into force on 15 December 2007. Under the regulations, a business is a Money Service Business if it does one or more of the following:
- acts as a bureau de change – even if this is on a ship that isn’t always in UK territorial waters
- transmits money, or any representation of money, in any way (just collecting and delivering money as a ‘cash courier’ isn’t transmitting money)
- cashes cheques that are payable to customers
HMRC also state: “HMRC is the supervisory body for most Money Service Businesses under the Money Laundering Regulations. If you run a Money Service Business it’s your responsibility to register with HMRC unless you’re already supervised by the Financial Services Authority (FSA) for the purposes of the Money Laundering Regulations. You mustn’t act as a Money Service Business until you’re either registered with HMRC or supervised by the FSA.”
Reassuringly, Global Currency exchange network are registered with the FSA and HMRC.
Our Currency Exchange service provider, gcen, is Regulated by the Financial Services Authority ( FSA ) under number 504346
