Does a money service business have to pay fees to the Commission?
Persons who need to apply to the Commission for prior approval to carry on money service business must submit a fee of £2,000 with their application form (reduced to £1,000 if the application is submitted after 30th June in any year). Once approved to carry on money service business, an annual fee of £2,000 is payable by the 31st January of each year. No fees are payable by persons who benefit from an exemption (eg, the turnover exemption or the deposit-takers’ exemption).
