FAQ's

What is the objective of the UKMTA?

The UKMTA serves as the trade body for Payment Institutions and agencies in the UK and provides a forum for the examination and discussion of all relevant questions relating to the payments sector and money transfer. Our aim is the promotion and maintenance of high standards of business conduct and professional competence.

All full members of the Association must be Payment Institutions regulated by the FSA. They will also need to be registered with HMRC in accordance with the money laundering regulations.

As of December 2011, there were around 1200 UK Payment Institutions,

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

What does the UKMTA do?

  • Hold four London conferences plus other regional and issue specific meetings at which those with an interest in payment services can come together to discuss issues of common concern.
  • Be the representative of the industry with the UK government and within the European Union - in particular, to ensure that the voice of smaller and medium sized companies is heard
  • Engage in dialogue with UK regulators to ensure that the relevant laws and regulations are fairly and consistently applied
  • Establish and promote 'best practice' models in connection with issues such as effective customer due diligence procedures, transaction monitoring, client funds safeguarding, 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
  • 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 transfer companies
  • Promote the benefits and advantages of the payments sector to consumers and other customers

Who can be a member?

Full membership of the Association is available to any Payment Institution which is regulated as 'Principal' with both FSA and HMRC. 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 PI’s can be represented on the executive.

What are the membership fees?

Full members : Authorised Payment Institution-£300

Full members: Small Payment Institution-£200

In the event that an SPI becomes an API over the course of the year, then the balance of the membership fees (£100) becomes due.

Associate Members :Money Service Business (non PI) -£200
Associate Members : Corporate member - £700
Associate Members : Individual member - £300


The membership year runs from 1st December 2011 to 31st December 2012.

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)
  • Evidence of understanding and compliance with obligations under Payment Services Regulations 

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

Dominic Thorncroft is Chairman of the UKMTA for 2011/2012.
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