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I arrange for money transfers to be effected by another firm for my customers/clients. Do I need to apply to the Commission for approval to carry on money service business?

April 26, 2017Approval arrange clients Commission customers Effected firm money transfers

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I arrange for money transfers to be effected by another firm for my customers/clients. Do I need to apply to the Commission for approval to carry on money service business?

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No. Where a business is a user of a money transmission service (either for its customers/clients or for the business’ own purposes) – rather than the provider of a money transmission service – it would not be regarded as carrying on money service business and would not need to apply to the Commission.