The payment services directive 2007 (PSR’s) came into force in 2009 and very many firms that had faced the very light touch regulation of the office of fair trading (OFT) were suddenly faced with far more effective and robust supervision than by the FSA now of course the FCA. We were pleased to work with the United Kingdom Money Remitters Association (UK MTA) to introduce many firms to the new regulator, but many firms did find this to be a culture shock and are still having difficulty raising the standards.
There are always a number of reasons why the FCA will visit and the current ‘hot’ topics are Treating Customer Fairly (TCF) and data security. Whatever the reason for the visit, our knowledge and skills will bring comfort to your Management and historically we have always delivered a successful outcome for the firm.
Money laundering legislation in the UK is governed by three Acts of primary legislation:-