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 safeguards customer funds used for payment services (such as money remittances where funds are forwarded to a third-party beneficiary) in accordance with the Financial Conduct Authority’s (FCA) safeguarding requirements. In simple terms, safeguarding means that where we receive money to send to someone else on your behalf, that money is kept separate from our own business funds and protected if TransferLab were to become insolvent.

As an authorised payment institution, we are required to safeguard relevant customer funds by holding them in segregated client accounts, separate from our own operational accounts. These accounts are clearly designated as client accounts and are protected in the event of TransferLab’s insolvency or the insolvency of the banks we use to hold client funds.

Our safeguarding obligations are set out in the FCA’s Approach Document, which explains how authorised payment institutions must identify, segregate, and protect client funds.

Safeguarding applies as soon as funds are identified as client money received for the purpose of executing a payment transaction. If these funds are held by TransferLab beyond the end of the business day following receipt, they must be transferred into a designated safeguarding account. Safeguarding continues until the funds have been paid to the intended recipient and TransferLab can reasonably confirm that they have reached the recipient’s bank account.

Where client funds are safeguarded, they benefit from protection measures designed to secure them in the unlikely event of TransferLab’s insolvency. Safeguarded funds are held separately from our own money and are not used for any business purposes.

Important information for customers:

  • Only funds received for onward payment to a third-party beneficiary are safeguarded.
  • Funds received solely for foreign exchange transactions where money is returned to the same customer are not safeguarded.
  • Safeguarding is a regulatory protection mechanism and is not the same as deposit protection. Safeguarded funds are not covered by the Financial Services Compensation Scheme (FSCS).
  • Safeguarding applies only while funds are held by TransferLab before being paid to the intended recipient.