Section 63(1)

A transfer of funds supervisory authority must— monitor effectively the payment service providers for whom it is the transfer of funds supervisory authority; take the measures necessary to secure compliance by payment service providers with the requirements of the funds transfer regulation; take effective measures to encourage the payment service provider to report breaches of the provisions of the funds transfer regulation to the authority; take such steps as it considers appropriate— to co-operate with other supervisory authorities, the Treasury and law enforcement authorities in relation to the development and implementation of policies to counter money laundering and terrorist financing; to co-ordinate activities to counter money laundering and terrorist financing; to co-operate with overseas authorities to ensure the effective supervision of a payment service provider to which paragraph (2) applies.

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Source: legislation.gov.uk · retrieved 2026-09-04