Security, Regulation and Compliance
Security & Regulation
TransferLab is a trading name of Bureau Buttercrane Ltd a company authorised and regulated by the UK Financial Conduct Authority under the Payment Services Regulations 2017 for the provision of Payment Services (Firm Reference Number: 747167). Registered office: Unit 20, Buttercrane Shopping Centre, Newry, County Down, BT35 8HJ.
You can verify our regulatory status and learn more about your protection and consumer rights on the FCA Register.
Key Features of Our Regulatory Compliance:
1. Protection of Client Funds
- We adhere to strict regulations designed to protect your funds. This involves segregating client accounts to ensure that, in the event of insolvency, your money is shielded from claims by other creditors and can be repaid to you.
2. Highest Standards for Systems and Procedures
- We maintain robust systems and procedures to mitigate risks related to fraud, misuse, negligence, or poor administration. Our commitment includes effective risk management practices, stringent internal controls, and accurate record-keeping.
3. Minimum Capital Requirements
- We are required to maintain a minimum level of assets as set by the FCA. Additionally, we hold sufficient liquid assets to meet our working capital needs and ensure financial stability.
4. Management Vetting
- Our key personnel are individually approved by the FCA for performing significant influence functions. We undergo a rigorous ‘fit and proper’ assessment, evaluating honesty, integrity, reputation, competence, capability, and financial soundness to ensure we are of good repute and possess the necessary expertise.
5. Detection of Financial Crime
- We comply with legal requirements to prevent and detect financial crime, including money laundering and terrorist financing. Our systems are designed to adhere to anti-money laundering regulations and prevent suspicious activities.
For more details on how these measures protect you and ensure the integrity of our services, please refer to the FCA’s guidelines.
KYC Checks
When you register with us, we are legally required to verify your identity and understand your transaction needs. We will check your ID, address, and other details you provide, usually performing these checks in the background. However, to comply with regulatory requirements, we may occasionally need to request additional information about a transaction directly from you.
We strive to keep these data requests to a minimum.
Security of Funds
TransferLab manages all client funds used for payment services (such as money remittances where funds are forwarded to a third party) in compliance with the Financial Conduct Authority's (FCA) safeguarding rules.
As an authorised firm, we are required to safeguard client monies by holding those monies in a segregated client account, separate from our own business accounts. These accounts are designated as client accounts and protected in the event of our insolvency or the insolvency of the banks we use to hold the client funds.
Our safeguarding obligations are outlined in the FCA Approach document which can be found here.
Safeguarding involves the responsibility to identify, segregate, and protect client funds from other business assets. If the firm holds these funds beyond the day after receipt, they must be transferred to a safeguarding account. This obligation starts as soon as the funds are identified as client monies. Once the firm has transferred the funds to the recipient and can reasonably confirm they have reached the recipient's bank account, the safeguarding obligation no longer applies.
When client funds are safeguarded, they benefit from protection measures established to secure them in the unlikely event of the firm's insolvency. These funds are held in segregated accounts and moved to safeguarded accounts if they remain with the firm after one day. Both types of accounts are designated specifically for client funds.