Money Transmission Services Handbook

Class 8 - Money Transmission Services Handbook - Link to Register of licenceholders

Contents
1. Introduction

The Money Transmission Services handbook is produced to provide licenceholders (those who are licensed by the Isle of Man Financial Services Authority (“the Authority”) to conduct Money Transmission Services in or from the Isle of Man), potential licenceholders and other interested parties with easy access to the legislation and guidance relating to Money Transmission Services.

The handbook is only produced in an on-line format. However, copies of all statutory documents (original, un-amended, legislation) may be obtained from the Tynwald Library, by quoting the SD number shown at the top of each document.

Please find links below to the Financial Services Act 2008, secondary legislation and relevant pieces of guidance.

Guidance (and where applicable other legislation) relating to other Classes of Regulated Activities may be found in handbooks relating to other licensable activities: Deposit Taking, Investment Businesses, Collective Investment Schemes, Corporate Service Providers, Trust Service Providers, and Management and Administration Services.

In case of any query, please contact the Banking Supervision team at the Authority, on +44 (0)1624 689320.

2. Legislation

2.1 The Primary legislation governing Money Transmission Services in or from the Isle of Man is the Financial Services Act 2008

The following secondary legislation is made under powers contained in the Financial Services Act 2008. Where these regulations and regulatory codes have been amended after they were made, the “as amended” version is shown:

3. Guidance applicable to Money Transmission Services

Guidance and forms which relate to Money Transmission Services:

3.1 Class 8(4) - issue of electronic money (e-money)

The Licensing Policy (at paragraph 2.7.5) requires that an e-money issuer is locally incorporated.

Part 3 of the Rule Book requires e-money issuers to segregate customers’ money (“the e-money float”) from the licenceholder’s own funds.

Part 6 of the Rule Book requires that:

  • Any funds received by a licenceholder from a client must be exchanged for e-money without delay;

  • A licenceholder must, if requested to do so, redeem any e-money it has issued if the request is from a person who lawfully holds the e-money; and

  • Licenceholders must not issue e-money through agents.

4. Guidance applicable to all licensable sectors/activities

Guidance on matters generic to all the Authority's licensable activities/ categories of business: