Step 1: Before you apply

Before preparing your application

You should read this section carefully, so you know what information and documents we need.

You will need to confirm that you have reviewed this information before you can submit your application.

Review the MLRs

You must have a framework in place that is proportionate to mitigate money laundering, terrorism financing and proliferation financing risk. Make sure you fully understand all your obligations and what is expected of you under the MLRs.

Consider seeking independent advice

You may wish to seek independent legal or compliance advice.

We don’t recommend or endorse any compliance or advisory firms.

We can copy your compliance or advisory firm into our communications, but we will communicate directly with you as the applicant firm.

Check our information on sensitive business names and trading names

There are restrictions on using certain financial services-related words or expressions in company registered names and/or trading names. Please review our information about trading names and sensitive business names.

Appoint a Nominated Officer/ MLRO

Under Regulation 21(3) of the MLRs, you must appoint a Nominated Officer / Money Laundering Reporting Officer (MLRO).

This person should have knowledge of UK regulation, relevant experience and training, and authority and independence to enable them to monitor and manage compliance with policies, procedures and controls to carry out their role and responsibilities under the MLRs.

We may assess their knowledge and experience as part of our assessment.

You may wish to seek independent legal or compliance advice.

We don’t recommend or endorse any compliance or advisory firms.

We can copy your compliance or advisory firm into our communications, but we will communicate directly with you as the applicant firm.

Under Regulation 21(3) of the MLRs, you must appoint a Nominated Officer / Money Laundering Reporting Officer (MLRO).

We may assess their knowledge and experience as part of our assessment.

Preparing and submitting your application

You should keep the following points in mind when preparing your application.

Complete the application fully

Answer every question fully and provide all requested information. If anything is missing, your submission may be rejected. If we ask for more information, please provide it promptly.

If you repeatedly fail to provide the information we request, your application may be refused.

Provide up to date information

The information and documents you provide should be up to date at the time of submission, specific to your application (not generic documents), reviewed thoroughly (final versions) and signed off (via appropriate governance).

We will not review and comment on draft documents as part of our assessment.

Do not withhold information

You must fully disclose any information we require. We take non-disclosure very seriously, especially if information is withheld deliberately or if false or incomplete information is provided. Supplying false or misleading information may be a criminal offence and could result in your application being refused.

The success of your application could be affected. If in doubt, it is better to disclose information than to withhold it.

Application form declaration

The declaration must be completed by the person who is responsible for making the application on behalf of the firm.

Pay the registration fee

When you submit your application, you must pay a registration fee. Annex 1 financial institutions are in Category 2 of our pricing categories.

Note: You will also need to pay annual (periodic) fees while your firm is registered with the FCA.

For fee calculations, income means the total amount of cash, receivables and other assets recorded in your UK entity’s accounts during the reporting year for services covered by the MLRs.