Financial services requirements in the United Kingdom vary by type of activity. First determine the service you provide, then the relevant permission and control processes.
Scope of activity
Do not assess payment, e-money and cryptoasset activities under a single permission heading. Permission, registration and ongoing obligations have different functions.
Control layers
Identity verification, risk assessment, sanctions controls and transfer information answer separate questions. One control succeeding does not show that another has been completed.
Sources and updates
Check the current scope with the FCA and the relevant official legislative sources. Do not confuse new or transitional regimes with existing obligations. Continue to the MLR, EMI and Travel Rule guides.
This content is general information. Determine the requirements that apply to your institution from current official sources and your own assessment process.
See the related product scope → Compliance approach
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