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Money Transmission Services – Notification of services 30 October 2008

The Financial Services Act 2008 (“the Act”) introduced Money Transmission Services carried on in or from the Island as a regulated activity.

Money Transmission Services, include:

- Operation of a bureau de change.

- Money transmission.

- Third party cheque cashing.

- Issue of e-money.

Anyone who undertakes any of these and who has an annual turnover in excess of £50,000, in respect of those services, must apply to the Commission for a financial services licence by 1 November 2008. Failure to apply for a licence, unless an exclusion or exemption applies, will result in a breach of the Act.

Under the Financial Services (Exemption) Regulations 2008 a business carrying out Money Transmission Services with a turnover of less than £50,000 during the previous 12 calendar months, and which continues to have an annual turnover below £50,000, does not need to be licensed, provided it has notified the Commission that it is undertaking money transmission services.

Existing businesses must submit the notification form to the Commission by 1st November 2008. New businesses wishing to take advantage of the exemption must submit the notification form prior to commencing any Money Transmission Services. The notification form can be found at:

http://www.fsc.gov.im/notificationofmoneytransmissionservices.xml.

If you have any questions on the requirements please contact David Hodgson:

E-mail: david.hodgson@fsc.gov.im

Address:

Authorisations Division
Financial Supervision Commission
PO Box 58
Finch Hill House
Bucks Road
IM99 1DT
Tel: (01624) 689380

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