AML screening for money service businesses.
Screening and records for smaller MSBs. Money transmitters, currency exchange offices and cheque cashers are in scope of the regulations and, unless authorised by the FCA, supervised by HMRC. Many handle high volumes of small transactions across borders.
Supervisor
HMRC, unless the business is FCA-supervised.
Who you’ll screen
- Customers sending or exchanging money
- Business customers, and the people behind them
- Agents, where your risk assessment calls for it
The risks
What supervisors look for in your sector.
Cross-border flows
Remittances to higher-risk jurisdictions bring sanctions and country risk.
Volume
Many customers, often repeat. Screening has to be quick and monitoring automatic.
Agents
Where you work through agents, their controls are your exposure.
How FirmScreen fits
The screening part of your procedures, done and recorded.
Screening against the UK, UN, OFAC and EU sanctions lists, PEP data and HMRC’s deliberate tax defaulters, in one search. Everything FirmScreen does
- 01Screen from your own systems with the REST API and signed webhooks.
- 02Every client re-screened daily by default, so a designation after onboarding opens a case the next morning.
- 03Country risk from the FATF lists counts in each customer’s rating.
- 04A fingerprinted evidence pack per client, ready for an inspection visit or file review.
No. FirmScreen screens people and companies, not individual payments. Transaction monitoring needs a separate system.
Yes, through the REST API. You can screen customers and add them to monitoring from your own systems.