Money transfer
LMG acts as auditors, accountants and advisors to a variety of companies in the fast-growing ‘money transfer' sector.
The transfer of funds internationally through money transfer companies is a relatively recent initiative, designed to provide a channel primarily to immigrant workers in the UK to transfer their hard earned cash to families in their home country, and as a more cost effective option to the conventional banking/foreign exchange market.
The majority of client companies in this sector are UK subsidiary companies of overseas parents, primarily of Spanish or Latin American origin.
As a result, they retain the benefit of the systems and controls imposed by the parent companies and developed in jurisdictions where the money transfer business sector represents a more mature market than the nascent market of the UK.