Search Legislation

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As made)

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Regulation 75

SCHEDULE 6Meaning of “relevant requirement”

This schedule has no associated Explanatory Memorandum

1.  For the purposes of Part 9 of these Regulations, “relevant requirement” means—

(a)a requirement imposed by the funds transfer regulation specified—

(i)in relation to a payment service provider of a payer, in paragraph 2;

(ii)in relation to a payment service provider of a payee, in paragraph 3;

(iii)in relation to the payment service provider of an intermediary, in paragraph 4.

(b)a requirement imposed (otherwise than on supervisory authorities, registering authorities or auction platforms) in or under the regulations specified in paragraphs 5 to 13;

(c)the following requirements imposed on auction platforms—

(i)the customer due diligence requirements in Article 19 or 20.6 of the emission allowance auctioning regulation;

(ii)the monitoring and record keeping requirements of Article 54 of the emission allowance auctioning regulation; or

(iii)the requirements imposed in regulations 18 to 21 or 24 of these Regulations;

(iv)any requirement imposed under regulations 66, 69(2), 70(7), 77(2) and (6) or 78(2) or (5) of these Regulations.

2.  The requirements specified in this paragraph are those imposed in—

(a)Article 4 (information accompanying transfers of funds);

(b)Article 5 (information within the EEA);

(c)Article 6 (transfer of funds outside the EEA);

(d)Article 14 (provision of information);

(e)Article 15 (data protection);

(f)Article 16 (record retention).

3.  The requirements specified in this paragraph are those imposed in—

(a)Article 7 (detection of missing information on the payer or the payee);

(b)Article 8 (transfers of funds with missing or incomplete information on the payer or the payee);

(c)Article 9 (assessment and reporting);

(d)Article 14 (provision of information);

(e)Article 15 (data protection);

(f)Article 16 (record retention).

4.  The requirements specified in this paragraph are those imposed in—

(a)Article 10 (retention of information on the payer and the payee with the transfer);

(b)Article 11 (detection of missing information on the payer or the payee);

(c)Article 12 (transfer of funds with missing information on the payer or the payee);

(d)Article 13 (assessment and reporting);

(e)Article 14 (provision of information);

(f)Article 15 (data protection);

(g)Article 16 (record retention).

5.  The requirements specified in this paragraph are those—

(a)imposed in—

(i)regulation 18 (risk assessment by relevant persons);

(ii)regulation 19 (policies, controls and procedures);

(iii)regulation 20 (policies, controls and procedures: group level);

(iv)regulation 21 (internal controls);

(v)regulation 22 (central contact points: electronic money issuers and payment service providers);

(vi)regulation 23 (requirement on authorised person to inform the FCA);

(vii)regulation 24 (training);

(b)imposed by supervisory authorities under regulation 25 (supervisory action).

6.  The requirements specified in this paragraph are those imposed in regulation 26(1), (4), (5) and (10) (prohibition and approvals).

7.  The requirements specified in this paragraph are those imposed in—

(a)regulation 27 (customer due diligence);

(b)regulation 28 (customer due diligence measures);

(c)regulation 29 (additional customer due diligence measures: credit institutions and financial institutions),

(d)regulation 30 (timing of verification);

(e)regulation 31(1) (requirement to cease transactions);

(f)regulation 33(1) and (4) to (6) (obligation to apply enhanced customer due diligence);

(g)regulation 34 (enhanced customer due diligence: credit institutions, financial institutions and correspondent relationships);

(h)regulation 35 (enhanced customer due diligence: politically exposed persons);

(i)regulation 37 (application of simplified due diligence);

(j)regulation 38(3) (electronic money).

8.  The requirements specified in this paragraph are those imposed in—

(a)regulation 39(2) and (4) (reliance);

(b)regulation 40(1) and (5) to (7) (record keeping);

(c)regulation 41 (data protection).

9.  The requirements specified in this paragraph are those imposed in—

(a)regulation 43 (corporate bodies: obligations);

(b)regulation 44 (trustee obligations);

(c)regulation 45(2) and (9) (register of beneficial ownership).

10.  The requirements specified in this paragraph are those imposed in—

(a)regulation 56(1) and (5) (requirement to be registered);

(b)regulation 57(1) and (4) (applications for registration in a register maintained under regulations 54 or 55).

11.  The requirements specified in this paragraph are those imposed in regulation 64(2) (obligations of payment service providers);

12.  The requirements specified in this paragraph are those imposed under—

(a)regulation 66 (power to require information);

(b)regulation 69(2) (entry, inspection of premises without a warrant);

(c)regulation 70(7) (entry of premises under warrant);

(d)regulation 77(2) and (6) (power to impose civil penalties: suspension and removal of authorisation);

(e)regulation 78(2) and (5) (power to prohibit individuals from managing).

13.  The requirement specified in this paragraph is the requirement imposed in regulation 84(1).

Back to top

Options/Help

Print Options

You have chosen to open The Whole Instrument

The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Instrument as a PDF

The Whole Instrument you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Instrument

The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Impact Assessments

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources