.....FAQ's

What is the objective of the UKMTA?

The UKMTA provides a central organization for money transmission companies and agencies in the UK and a forum for the examination and discussion of all relevant questions relating to money transmission in the United Kingdom with a view to the promotion and maintenance of high standards of business conduct and professional competence.

To date, more than 200 UK money transfer companies have joined the UKMTA. We estimate that there are approximately 1500 HMRC registered money transfer 'principals' in the UK (but the government does not publish a definitive list).

Since 1st November 2009, all money transfer companies are also regulated by the Financial Services Authority as Payments Institutions. Whilst around 400 companies had applied to the FSA for regulation as of that date, other money transfer companies are taking advantage of the opportunity offered under the Payment Services Regulation to ‘transition’ their services, and will not need to be finally regulated by FSA until May 2011.

However, MTA advises that:

  • all PI’s (regulated or transitioning) are obliged to comply with the conduct of business obligations as required by the PSR’s – also, all companies need to have customer complaints handling procedures in place
  • all firms which started doing business since 25th December 2007 must be regulated by the FSA now – and are committing a criminal offence if not so regulated


HM Revenue and Customs, the FSA and other government departments with an interest in money transfer have confirmed that they recognize the role of the UKMTA in representing the UK money transmission industry.

 


What does the UKMTA do?

  • Hold London conferences (three a year) plus other regional and issue specific meetings at which those with an interest in money transfer can come together to discuss issues of common concern.
  • Be the representative of the industry with the UK government and the European Union – in particular, to ensure that the voice of smaller and medium sized money transfer companies is heard
  • Engage in dialogue with the regulators to ensure that the relevant laws and regulations are fairly and consistently applied
  • Establish and promote shared high standards across the money transfer industry and to establish and promote an industry wide ‘quality mark’
  • Establish an effective dialogue with the UK banks to ensure that they behave reasonably in their relations with money transmitters
  • Establish and promote ‘best practice’ models in connection with issues such as effective customer ID checks, training systems and procedures, suspicious transaction reporting, record keeping, audit trails, etc,
  • Provide training, information and support to money transmitters to help them comply with the laws and regulations around money transfer and the payments industry


Who can be a member?


Full membership of the Association is available to any money transfer company which is registered with HM Revenue and Customs as a money transfer ‘Principal’. Only full members of the Association will be able to vote at meetings and hold office.

Associate membership will be available to money transfer agents, banks, government officials, etc. Associate members will have speaking rights but cannot vote at meetings or hold office.

 

How is the Association run?


The Association has been registered with UK Companies House as a company limited by guarantee – this means it is run on a not for profit basis by its members. The work plan of the Association will be decided by an executive, elected at the Annual General Meeting. Only MSB’s registered with HMRC can be represented on the executive.

 

What are the membership fees?


Full members : (Registered money transfer company only)- £180 (until December 2010)

Associate Members : (Other company/organisation) - £600 (until December 2010)
Associate Members : Associate members (Individual) - £300 (until December 2010)

 

 What are the membership requirements?


To be entitled to membership, each applicant will have to demonstrate the following:

  • A written compliance programme, signed off by senior management
  • Money Laundering Reporting Officer appointed
  • Evidence of a Customer Due Diligence policy
  • Employee training programme in place
  • Use of an updated software programme to protect the company from money launderers
  • All records stored for at least five years
  • Evidence of audits of anti-money laundering compliance (internal/external)
Based on the written application forms, the Association may feel that the applicant Money transfer company is not yet at the required standard for membership. UKMTA will offer support to enable the application to meet the membership standard.

 

I am interested in the Association – how can I find out more?

Dominic Thorncroft is Chairman of the UKMTA for 2009/2010. The address for correspondence is: Second Floor, 145-157 St John Street, London, EC1V 4YA.

Telephone: 0207 635 6634

Fax: 0207 692 0244

Mobile phone: 07950 452992

Email: dominic.thorncroft@ukmta.org