1. INTRODUCTION
1.1 This Memorandum of Understanding (“MoU”) provides a framework for joint working and the disclosure of information between the Financial Services Authority (“the FSA”) and Her Majesty’s Revenue and Customs (“HMRC”) under the Money Laundering Regulations 2007 and Payment Service Regulations 2009. It reflects the requirement that the FSA and HMRC co-operate and communicate constructively to carry out their functions under the Money Laundering Regulations 2007 (“MLR”) and Payment Services Regulations 2009 (“PSR”) (referred to collectively as “the Regulations”).
1.2 The MoU sets out the role of each organisation and explains how they will work together to avoid duplication of effort, minimise the burden on Money Transmitters/Money Remitters (referred to collectively in this MoU as “MTs”), and disclose information about MTs who are not complying with the Regulations.
1.3 The MoU applies to information held by the FSA and HMRC for the purpose of their functions under the Regulations. It does not affect the matters agreed between the FSA and HMRC previously in relation to the disclosure of information under the Financial Services and Markets Act 2000 (“FSMA”).
1.4 The MoU is a statement of intent and accordingly does not create any enforceable rights.
1.5 The MoU replaces the original ‘Practical Arrangements for Disclosing Information Relating to Payment Services Providers’ agreed on 11 June 2009. It was last updated on 15 August 2011.
Link to the MOU between FSA and HMRC : click here