Money Service Operator (UK)

A Money Service Operator (MSO) is a business allowed to be involved in any of the following activities:

• - Exchanging money
• - Transmitting money (or any representation of money)
• - Cashing third party cheques 

Advantages

• - A resident company registered in the UK
  - Approval of the UK authorities to carry on the above-mentioned activities

Registration time schedule: within 45 days of receiving correctly completed forms

An MSO will receive a certificate containing the following information:

• - Your name
• - Your address
• - Your MLR number
• - When your registration began
• - When your next fee is due
• - Types of MSO activity you carry out
• - Details of outlets registered under your MLR number

MSOs have a legal requirement to quote their registration number when trading with other financial businesses, and so any refusal to register an MSO or any cancellation of a registration would in effect prevent them from trading legally.

MSOs will have to pay an annual fee for all premises through which they conduct their business.