The Payment Services Regulations govern how authorised Payment Institutions provide payment services within the European Economic Area.
Authorised Payment Institutions are required to protect any client funds they hold in relation to an electronic payment. They also have to meet stringent criteria set by the FCA in terms of corporate governance, solvency and risk identification and management.
All aspects of HyperWire business are fully FCA-Regulated in the United Kingdom by the Financial Conduct Authority.
Firms authorised by the FCA for the provision of payment services are required to; segregate client accounts in accordance with FCA rules on the safeguarding of client funds, maintain a defined level of regulatory capital at all times apply stringent governance and risk management procedures throughout the business.
You should not deal with a foreign exchange provider that cannot demonstrate they are fully regulated. You can visit the FCA website to learn more about the regulatory environment in the United Kingdom and what it means for your protection and consumer rights.
Money Laundering regulations In the United Kingdom fall under the Money Laundering Regulations 2007, commercial foreign exchange companies are treated as "Money Service Businesses" and covered by regulations administered by HM Revenue & Customs.