Are any specific money service business activities exempted from the regulatory regime for money service business?
There are three types of money service business activity that are exempt and not subject to the Financial Services (Jersey) Law 1998. The first is a transaction where a payment for goods or service is made in one currency and the change is given in another currency. The main purpose of this exemption is to avoid shops that accept payment in one currency and give the change in another from being treated as carrying on a bureau de change activity. The second exempt activity is a funds or money transfer made for the sole purpose of enabling a person to pay for goods or services, or enabling a person to access their own money. The main purpose of this exemption is to take outside of the money service business regime issuers of debit cards, credit cards or electronic money that are used solely as a means of payment for goods or services. This exemption will also take out of the regime for money service business those who provide ‘cash-back’ facilities (mainly supermarkets) and providers of
