The National Pawnbrokers Association of the UK is a modern forward thinking Membership Association which helps to promote best pawnbroking practice.
The National Pawnbrokers Association has commissioned Lime to prepare outlines for the minimum documents that pawnbrokers must have in place with regards to anti-money laundering specifically. To get these outlines, sign up for the newsletter at the bottom of this page and add NPA at the end of your name.
If a business is “pure” pawnbroking, then in the UK, it is supervised by the FCA for anti-money laundering. Policy and procedures should lean heavily on the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, the FCA Handbook and guidance from the Joint Money Laundering Steering Group (JMLSG).
If a business is a pawnbroker, but also offers “Money Service Business”, say currency exchange or money transfer, then it is supervised for anti-money laundering by Her Majesty’s Revenue and Customs (HMRC). Policy and procedures should lean heavily on Money Laundering and Terrorist Financing (Amendment) Regulations 2019, and guidance for Money Service Businesses (MSB) from HMRC.
Policies and Procedures are necessarily individual to each business and must be kept up-to-date. Lime can offer various levels of support, from the simple outline to guide a "DIY" approach to full bespoke policies, procedures and ongoing support.