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Money Transmission Services – Deadline for Licence Applications 24 October 2008

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

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 services in or from the Island 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 applies, will result in a breach of the Act.

Further information on the definition of the regulated activities and the exclusions can be found in the Regulated Activities Order 2008.

Anyone wishing to apply for a financial services licence should complete the licence application form.

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


Address: Authorisations Division
Financial Supervision Commission
PO Box 58 Finch Hill House
Bucks Road
Douglas IM99 1BT

Tel: (01624) 689380

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