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[1].
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[2] and sensitive business names[3].
Appoint a Nominated Officer/ MLRO
Under Regulation 21(3)[4] 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.
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[5].
Note: You will also need to pay annual (periodic) fees[6] 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.
Our assessment
After you submit your application, a case officer will assess it.
Once we have all the required information, we will make a decision within 45 days.
While we are assessing your application, you should:
Keep us up to date
Applicants should be proactive and self-reliant. We will not act as an advisor during your application process or recommend solutions when we identify any issues.
If you need to correct or update your application after submission, it is important to be transparent and inform us promptly. You should also provide any new information that may affect our assessment as soon as possible.
If there are major changes, your case officer may suggest that you withdraw your application and reapply with an updated version.
Keep yourself up to date
Applicants should show flexibility and be prepared for a fast-changing regulatory framework. This includes responding to emerging risks and industry changes and keeping up to date with financial crime trends and new requirements that may impact their operations.
Not promote your products or services
Applicants must not use their application to promote their products or services. Websites and marketing material must not suggest that applying for registration is an endorsement or recommendation by the FCA.
Recognise this is the start of your firm’s regulatory lifecycle
Applicants must understand that registration is not a one-off formality or a tick-box exercise. You must continue to comply with the requirements of the MLRs, and we will supervise your ongoing compliance.
Outcome of your application
There are 4 possible outcomes when applying for registration under the MLRs, these are approval, rejection, withdrawal and refusal.
Approval
If your firm meets the requirements for registration, we will approve your application. We will then write to confirm your registration, provide your Firm Reference Number (FRN) and add you to the Financial Services Register[7].
After this, our supervision team will engage with you as needed.
If you need to update your details or make changes after registration, please let us know through Connect[8]. You can also contact us[9] if you need help.
Rejection
If your submission is incomplete or does not include the information, we require we will reject it without assessment. We will explain the reasons for rejection and refund your application fee.
You can resubmit your application, with all the necessary information at any time. If your submission is rejected, you must stop all Annex 1 activity immediately.
Find out more about our rejection criteria[10].
Withdrawal
You may ask to withdraw your application at any stage during the registration process. Common reasons include:
- being unable to show that you meet the required standards at the point of submission
- needing more time to provide missing information
- realising that registration is likely to be refused
If you withdraw your application, your application fee will not be refunded. You must also stop all Annex 1 activity immediately.
You can reapply after withdrawing, but you should review your application based on our feedback before reapplying. If you reapply, you must show how our feedback has been addressed, and a new application fee will be payable.
Refusal
If we decide your firm does not meet the registration standard, we may refuse your application. In this case, we will send a Warning Notice explaining our reasons. You can notify us that you want to withdraw your application or, if you disagree, make representations to the FCA decision maker.
If your representations are successful, we will register your firm. If not, we will send you a Decision Notice. If you still do not agree, you can refer our decision to the Upper Tribunal[11].
If we refuse your application, your application fee will not be refunded. You must also stop all Annex 1 activity immediately.
Find out more about our refusal process[12].
Other information you should consider
The resources and information below will be useful when putting together your application.
- Joint Money Laundering Steering Group (JMLSG) guidance[13] on the prevention of money laundering and terrorist financing
- FCA Financial Crime guide for firms[14]
- FCA Guidance (FG17/6) on the treatment for Politically Exposed Persons (PEPs)[15]
- FATF Guidance on a risk-based approach[16]
- Anti money laundering supervision: detailed information[17]
- National Risk Assessment of Money Laundering and Terrorist Financing 2025[18]