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Category: Law
Satisfied Customers: 341
Experience:  Expert
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Please, nottingham, no, no

Customer Question

JA: Where is this? It matters because laws vary by location.
Customer: nottingham
JA: What steps have been taken so far?
Customer: no
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: no
Submitted: 23 days ago.
Category: Law
Expert:  MatthewM1117 replied 23 days ago.

Good morning, thank you for contacting Just Answer my name is***** am a solicitor and I will be assisting you today. Can you clarify your question so that I can best advise you?

Customer: replied 23 days ago.
Customer: replied 23 days ago.
Customer: replied 23 days ago.
I m asking about if some one working money exchange
Customer: replied 23 days ago.
He don't have license for that is that legal
Customer: replied 23 days ago.
Customer: replied 23 days ago.
Are you there
Expert:  MatthewM1117 replied 23 days ago.

To clarify you wish to open up a business excahnging currencies?

Customer: replied 23 days ago.
Ok that means not allowed to work
Customer: replied 23 days ago.
If I reported to police what they will do
Customer: replied 23 days ago.
I can't talk by phone I'm out said UK now
Customer: replied 23 days ago.
Are still there
Expert:  MatthewM1117 replied 23 days ago.

Yes this is not an instant response service you will need to allow me some time to consider matter. Am I correct you wish to set up a service excahngeing currencies in the U.K.?

Expert:  MatthewM1117 replied 22 days ago.

The first step would be to register with HMRC under the money laundering regulations. This costs around £100 and there is a "fit and proper" person test but, as this is designed to prevent money laundering, it is easy to pass, although bankrupts, those banned from holding company directorships, and those convicted of certain offences, including money laundering, will fail.

Then you will need to register as a "small payments institution" with the FSA. This costs around £500 and is a rather straight froward process.

Expert:  MatthewM1117 replied 22 days ago.

Hopefully I have answered your question but if anything remains unclear I will be happy to assist you further.