CMP Requirements

The 2019 Client Money Protection regulations require that letting agents who hold client money to be a member of one of the approved schemes and that the money is held in a ring fenced designated client account.

With a Calmony client account you get and access a single designated client account that is in your company name with its own account number and sort code. Your client funds are held within designated Client Money Bank Accounts held at the Bank of England.

CMP schemes are mandated to protect client money while in the custody and control of a letting agent. They advise that if an agent chooses to use an EMI client account that they do their own due diligence, so that if client money is misappropriated by the EMI institution there would be adequate security and insurance.

Calmony has the highest Security Scorecard verified rating of A and Professional Indemnity Insurance cover of up to £2,000,000.

If the money is misappropriated by the CMP schemes member agent or their staff, then the CMP insurance would be triggered.


At this time the following have decided not to accept EMIs:

  • Safe Agent
  • Propertymark
  • Money Protect

Electronic money

An Electronic Money Institution (EMI) is a provider of e-money. This money is stored electronically in digital wallets.

Calmony is not a bank but an e-money institution authorised under the UK Electronic Money Regulations and is FCA registered 850923.  All EMIs must follow safeguarding laws to protect your client money. These laws are designed to ensure that if the e-money institution fails, your money will have been kept in a safe place.

Bank of England

The Calmony client account is an electronic money account with payment services provided by Modulr Finance Ltd who are an authorised Electronic Money Institution with the money held in a Bank of England bank account.

CMP Letter

Calmony can provide you with your annual confirmation that your Calmony account is a registered client account.

The letter will confirm that the account is set up as an electronic account and all money standing to the credit of the client account is held by your business.

The letter further explains how client funds are safeguarded.

Calmony clients are issued with e-money accounts on the Modulr platform. These accounts have an account number and sort code.

These e-money accounts are provided under Modulr’s license as an AEMI (FRN: 900573), and in line with the regulatory requirements, 100% of client funds related to the e-money are segregated from Modulr’s own funds and are held within designated Client Money Accounts with the Bank of England.

Letters are provided to Calmony customers upon request and are free of charge.

Accountant Audits

Calmony allows your accountant and auditor to download all the financial transactions, and we can further help by providing account details for any payments received or made.

We recommend that your annual accountants audit be conducted by The Letting Partnership Ltd with their thorough Financial and Client Money Health Check.  

Please be aware that Calmony requires a copy of your annual accountants report.

AML requirement

All payees must have an approved AML check to ensure Calmony and yourself are not committing an AML breach. This can be done using the built-in tools, upload your own in-house AML checks, or request an AML exemption.


Modulr FS Ltd (FRN: 900573) is licensed as an authorised E-Money Institution (EMI) and regulated by the Financial Conduct Authority (FCA).  Calmony is a trading name of agentOS Proptech Group Ltd and is registered as a PSD agent with the Financial Services Authority, reference number 850923. 

This enables Modulr to issue electronic money (e-money) to its customers, hold customer funds in safeguarded e-money accounts, and provide related payment services to customers.

Payment services in the UK are subject to the Payment Services Regulations (PSRs).

The PSRs apply to all payment services, meaning that in relation to payment services, there is no difference in how Modulr or other payment service providers and banks are regulated.

In line with Modulr’s regulatory requirements, 100% of customer funds related to the e-money that Modulr FS Ltd has issued are segregated from Modulr’s own funds, and safeguarded in a Bank of England account. As such, e-money in Modulr accounts is protected from any risk connected with Modulr’s or solvency. 

In line with the Electronic Money Regulations, Modulr FS holds additional “own funds” to the value of 2% of the safeguarded balance. EMIs like Modulr Fs Ltd have a responsibility to notify the FCA should the “own funds” fall below the 2% mark.

The “own funds” requirement and safeguarding requirement means customer funds are 100% available to a customer, and there is a protection mechanism to help ensure an orderly wind down of an EMI if required.

While the Financial Services Compensation Scheme (FSCS) is not applicable in relation to e-money products, the regulatory regime outlined above can be relied upon and protects the full balance of customer funds, as opposed to protecting up to a cap (as under the FSCS).

Meaning, we use safeguarding to protect 100% of your money while the FSCS is limited up to a total of £85,000 for individual accounts.

With regards to money laundering and the Proceeds of Crime Act, Modulr has the same obligations as other payment service providers and banks.

FCA regulations

Calmony is an FCA registered (850923) Electronic Money Directive (EMD) and Payment Services Directive (PSD) agent. 

PCI compliance

Calmony is committed to protecting our consumers and their customers’ credit and debit card data in compliance with the Payment Card Industry Data Security Standard (PCI DSS).

We conduct regular vulnerability scans and penetration tests in accordance with the PCI DSS requirements for our business model.