.....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 250 UK money transfer companies have joined the UKMTA. We are in touch with a further 400 registered money transfer companies. There are approximately 3200 registered money transfer companies in the UK(but the government does not publish a definitive list).

HM Revenue and Customs 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?

The Association has developed a programme of activities to:
* 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 regulator to ensure that the 2007 Money Laundering Regulations and EU Payments Regulation are fairly and consistently applied
* Establish and promote shared high standards across the money transfer industry and to establish a voluntary industry wide ‘quality mark’(e.g. the Remittances Customer Charter)
* Establish an effective dialogue with the UK banks to ensure that they behave reasonably in their relations with money transmitterslogue 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 AML regulations
* Publish a regular newsletter with information relevant to money transmitters: guidance on AML issues, news from HMRC, new technology solutions, employment opportunities, etc.
* Hold quarterly open members meetings at which those with an interest in money transfer can come together to discuss issues of common concern.


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 ‘Principle’. 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 fees for membership?

Full members : (registered money transfer company only) £150 until December 2008
Associate Members : (other company/organisation) £500 until December 2008
Associate Members : (individual) £200 until December 2008

 

 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 Customer Due Diligence 
  • >>Employee training programme in place
  • >>Use of an updated software programme to protect the company from money launderers
  • >>Processes in place to detect suspicious transactions and a process for reporting them (internally and externally)
  • >>Confirmation that all transaction records are 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. UK MTA will offer support to enable the application to meet the membership standard. Once in membership, all companies must commit to being actively engaged in the work of the Association.


 

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

Dominic Thorncroft is Chairman of the UKMTA for 2007/2008. He can be contacted at Unit 8, 42 Braganza Street, SE17 3RJ. Telephone/fax: 0207 735 6222. Mobile phone: 07950 452992. Or at dominic.thorncroft@ukmta.org.