Western Union Co.,
Travelex Ltd. and as many as 100 other money-transfer companies will be regulated in the U.K. by the
Financial Services Authority as a result of new European Union laws, reports
Bloomberg News.
The FSA will take over the supervision of money transfer operators under EU laws regulating all payment services, the London-based regulator said today.
Previously, U.K. Revenue and Customs officials monitored currency companies for criminal activity such as money- laundering. Under the new EU rules, the companies will have to comply with the FSA's consumer protection standards.
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