Financial Conduct Authority with FC Exchange
FC Exchange is authorised by the Financial Conduct Authority (FCA) as an Authorised Electronic Money Institution (AEMI) under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900205). As an AEMI FC Exchange is authorised to conduct payment services and complies with part 5 of the Payment Services Regulations 2009. You can view our AEMI details on the FCA website.
One of the main benefits of us being an AEMI for you, is that we can store ‘value’ (monies) for you. Our team can guide you through our great products and services we have in order to help you exchange your currency and send international payments in an easy and flexible way.
We were one of the first FX brokers in the UK to become an E-Money Institution. From 27 October 2009 until 05 December 2014 we were an FCA Authorised Payments Institution, adhering to the Payments Services Regulations. If you search the FCA Authorised Payments Institution Register it will show our status as ‘cancelled’ because we now have higher permissions as an Authorised Electronic Money Institution. The AEMI FCA permission is a “higher” permission than the API permission. For example, we are required to hold more initial capital as an AEMI than as an API. Further, we are under closer observation from, and have to report more frequently to, the FCA. We think this is better for you as our customer. We have the same permissions we had as an API, but we have additional further permissions. Being an AEMI allows us to provide you with more flexibility in carrying out foreign exchange and international payments transactions. From 2005 until 2014 HMRC regulated us under our HM Customs and Excise under MLR No. 12215508 in relation to Anti-Money Laundering rules and guidance. As an AEMI the FCA now substitutes HMRC in this capacity for FC Exchange.
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