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The Money Laundering Regulations 2007

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Financial activity on an occasional or very limited basis

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1.  For the purposes of regulation 4(1)(e) and (2), a person is to be considered as engaging in financial activity on an occasional or very limited basis if all the following conditions are fulfilled—

(a)the person’s total annual turnover in respect of the financial activity does not exceed £64,000;

(b)the financial activity is limited in relation to any customer to no more than one transaction exceeding 1,000 euro, whether the transaction is carried out in a single operation, or a series of operations which appear to be linked;

(c)the financial activity does not exceed 5% of the person’s total annual turnover;

(d)the financial activity is ancillary and directly related to the person’s main activity;

(e)the financial activity is not the transmission or remittance of money (or any representation of monetary value) by any means;

(f)the person’s main activity is not that of a person falling within regulation 3(1)(a) to (f) or (h);

(g)the financial activity is provided only to customers of the person’s main activity and is not offered to the public.

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