De-Risking Not Pushing MSBs Underground, Insists UK Regulator

UK regulators have downplayed the impact of de-risking on money services businesses (MSBs), pointing out there has been little decrease in the number of such firms despite ongoing concerns about the sector’s risk profile.

Simon York, director of the fraud investigation service at HM Revenue & Customs (HMRC), told lawmakers on Wednesday that the spate of de-risking of MSBs by traditional financial institutions does not appear to have led to those businesses going underground.

“Overall we’ve not seen the number of businesses we supervise change all that much, or the number of premises we supervise change all that much,” York said, speaking before the Treasury Select Committee.

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