The Central Bank has published a consultation paper in relation to revision of the regulatory regime applying to money transmission businesses.

The existing regulatory regime that applies to money transmission businesses consists primarily of anti-money laundering legislation.   

Money transmission business is very similar to the business of payment services provided by payment institutions under regulations but is dissimilar in key areas such as safeguarding and capital requirements.

This Consultation proposes to align the two regimes to reflect the similar nature of the services within the regimes and will ensure that the similar business models are governed by appropriately robust regulatory regimes.

The closing date for submissions is 12 July 2013.