Information updates
The Association aims to make member companies aware as soon of possible of major market developments which will have an update on their business. In particular, this includes updates from the regulator, law enforcement, market data, etc.
Treating Customers Fairly - Remittances Customer Charter
From 1st November 2009, all payments companies are obliged to have a customer complaints policy in place. It will become a priority for companies to demonstrate that they are treating customer fairly.
This means that firms must ensure that they are transparent with customers about fees, exchange rates, delivery times, liability in event of non performance, etc. Customers also need to know what they can do if the transaction goes wrong.
The MTA has worked jointly with the UK Remittances Taskforce to develop the Remittances Customer Charter, a voluntary code to which money transmitters can subscribe to demonstrate that they have measures in place to treat customers fairly. Please click here to download a copy of the Charter with information on how to become a subscriber.
Representation to law-makers and regulators
The UKMTA maintains on going contacts with UK and EU legislators and regulators.
All money transmitters must be registered with HM Revenue and Customs and must comply with the 2007 Money Laundering Regulations, the EU Payments Regulation and the Counter Terrorism Act 2007 Section 7. More information on both can be found at www.hmrc.gov.uk/mlr
The major new legislation (from 1st November 2009) impacting the UK money transfer market is the UK Payment Services Regulation, which covers all companies offering payment services (including money transfer companies). The UK regulator is the Financial Services Authority: FSA Payment Services website
Other useful sites include:
HM Treasury (for compliance with UK sanctions obligations): HM Treasury website (sanctions page)
Serious Organised Crime Agency: Serious Organised Crime Agency website
Financial Action Task Force: Financial Action Task Force website