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This is the original version (as it was originally made).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 109

SCHEDULE 7Consequential Amendments

This schedule has no associated Explanatory Memorandum

PART 1Consequential Amendments to Primary Legislation

Solicitors (Scotland) Act 1980

1.  In section 34 of the Solicitors (Scotland) Act 1980(1), after subsection (1C), insert—

(1D) Rules made under this section may make provision as to the way in which solicitors and incorporated practices are to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017..

Northern Ireland Act 1998

2.  In Schedule 3 to the Northern Ireland Act 1998 (reserved matters)(2)—

(a)in paragraph 25, for “the Money Laundering Regulations 2007”(3) substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;

(b)omit paragraph 25A.

Financial Services and Markets Act 2000

3.—(1) FSMA(4) is amended as follows.

(2) In section 226 (complaints: the ombudsman scheme etc) after subsection (7) insert—

(7A) The rules must provide that a person within subsection (7B) is eligible in relation to a complaint to which subsection (7C) applies.

(7B) A person is within this subsection if he or she has been identified by a respondent, in carrying on an activity to which the rules apply, as—

(a)a politically exposed person;

(b)a family member of a politically exposed person; or

(c)a known close associate of a politically exposed person.

(7C) This subsection applies to a complaint—

(a)that the complainant has been incorrectly identified as a person within subsection (7B); or

(b)relating to an act or omission of the respondent in consequence of the identification of the complainant as a person within subsection (7B).

(7D) In subsection (7B), “politically exposed person”, “family member” and “known close associate” have the meanings given in regulation 35(12) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017..

(3) For the heading of Part 20C (as inserted by the Bank of England and Financial Services Act 2016)(5), substitute “Politically exposed persons: money laundering and terrorist financing”.

(4) In section 333U (guidance relating to money laundering and politically exposed persons)—

(a)in the heading, after “Money laundering” insert “and terrorist financing”; and

(b)in subsection (3)—

(i)for “Secretary of State” substitute “Treasury”; and

(ii)in paragraph (b), after “by the FCA” insert “or under the ombudsman scheme”.

Terrorism Act 2000

4.—(1) The Terrorism Act 2000(6) is amended as follows.

(2) In section 21G (other permitted disclosures etc), in subsection (1)(a), for “the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

(3) In section 21H(4), for the words from “Directive 2005/60/EC” to “2005” substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015(7)”.

(4) Part 1 of Schedule 3A(8) (business in the regulated sector) is amended in accordance with sub-paragraphs (5) to (10).

(5) In paragraph 1(1)—

(a)in paragraph (b)(9)—

(i)at the end of sub-paragraph (i), omit “or”;

(ii)after sub-paragraph (i), insert—

(ia)an undertaking whose only listed activity is as a creditor under an agreement which—

(aa)falls within section 12(a) of the Consumer Credit Act 1974(10) (debtor-creditor-supplier agreements);

(bb)provides fixed sum credit (within the meaning given in section 10(1)(b) of the Consumer Credit Act 1974 (running-account credit and fixed-sum credit)) in relation to the provision of services; and

(cc)provides financial accommodation by way of deferred payment or payment by instalments over a period not exceeding 12 months; or;

(b)after paragraph (j)(11), insert—

(ja)the carrying on of local audit work within the meaning of Schedule 5 to the Local Audit and Accountability Act 2014 (eligibility and regulation of local auditors) by any firm or individual who is a local auditor within the meaning of section 4(1) of that Act (general requirements for audit);;

(c)in paragraph (q)—

(i)after “involves the” insert “making or”;

(ii)for “15,000” substitute “10,000”.

(6) In paragraph 1(5)(b), omit “contained in international standards and are”.

(7) In paragraph 1(6)(12), at the end of paragraph (c) for “or” substitute “and”.

(8) In paragraph 2(1)—

(a)in paragraph (c) for “25” substitute “26”;

(b)in paragraph (d), at the end, omit “or”;

(c)at the end, insert—

(g)the carrying on by a local authority (within the meaning given in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001)(13) of an activity which would be a regulated activity for the purposes of the Financial Services and Markets Act 2000 but for article 72G of that Order; or

(h)the preparation of a home report, which for these purposes means the documents prescribed for the purposes of sections 98, 99(1) or 101(2) of the Housing (Scotland) Act 2006(14)..

(9) In paragraph 2(3)—

(a)in paragraph (a), for “£64,000” substitute “£100,000;

(b)in paragraph (f), after “(r)” insert “to (t)”.

(10) In paragraph 3—

(a)in sub-paragraph (1), at the appropriate place insert—

“the Capital Requirements Directive” means Directive 2013/36/EU of the European Parliament and of the Council of 26th June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms (15);;

(b)in sub-paragraph (3)—

(i)after “Capital Requirements Regulation” insert “, the Capital Requirements Directive”;

(ii)after “Part as” insert “in that Regulation or”.

(11) In Part 2 of Schedule 3A(16) (supervisory authorities), in paragraph 4—

(a)in sub-paragraph (1), omit paragraphs (b), (ea) and (f) (but not the “and” after paragraph (f));

(b)in sub-paragraph (2)—

(i)after paragraph (d), insert—

(da)the Chartered Institute of Legal Executives;;

(ii)omit paragraph (f).

Criminal Justice and Police Act 2001

5.  In the Criminal Justice and Police Act 2001(17)—

(a)in section 68(2) (application to Scotland)—

(i)in paragraph (g), for “regulation 39(6) of the Money Laundering Regulations 2007”(18) substitute “regulation 70(7) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;

(ii)omit paragraph (h);

(b)in Part 1 of Schedule 1 (powers of seizure to which section 50 of the 2001 Act applies)—

(i)in the heading above paragraph 73J, for “The Money Laundering Regulations 2007” substitute “The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;

(ii)in paragraph 73J, for “regulation 39(6) of the Money Laundering Regulations 2007” substitute “regulation 70(7) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;

(iii)omit paragraph 73K and the heading above it.

Proceeds of Crime Act 2002

6.—(1) The Proceeds of Crime Act 2002(19) is amended as follows.

(2) In section 333D (other permitted disclosures etc), in subsection (1)(a) for “the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

(3) In section 333E (interpretation), in subsection (4), for the words from “Directive 2005/60/EC”(20) to “2005” substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015(21)”.

(4) In Part 1 of Schedule 9(22) (business in the regulated sector), in paragraph 1(1)—

(a)in paragraph (b)(23)—

(i)for “Capital Requirements Regulation”, in both places, substitute “Capital Requirements Directive”;

(ii)at the end of sub-paragraph (i), omit “or”;

(iii)after sub-paragraph (i), insert—

(ia)an undertaking whose only listed activity is as a creditor under an agreement which—

(aa)falls within section 12(a) of the Consumer Credit Act 1974(24) (debtor-creditor-supplier agreements);

(bb)provides fixed sum credit (within the meaning given in section 10(1)(b) of the Consumer Credit Act 1974 (running-account credit and fixed-sum credit)) in relation to the provision of services; and

(cc)provides financial accommodation by way of deferred payment or payment by instalments over a period not exceeding 12 months; or;

(b)after paragraph (j), insert—

(ja)the carrying on of local audit work within the meaning of Schedule 5 to the Local Audit and Accountability Act 2014(25) (eligibility and regulation of local auditors) by any firm or individual who is a local auditor within the meaning of section 4(1) of that Act (general requirements for audit);;

(c)in paragraph (q)—

(i)after “involves the” insert “making or”;

(ii)for “15,000” substitute “10,000”.

(5) In paragraph 1(5)(b), omit “contained in international standards and are”.

(6) In paragraph 1(6)(26), at the end of paragraph (c) for “or” substitute “and”.

(7) In paragraph 2—

(a)in sub-paragraph (1)(c) for “25” substitute “26”;

(b)in sub-paragraph (1)(d), at the end, omit “or”;

(c)at the end, insert—

(g)the carrying on by a local authority (within the meaning given in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(27)) of an activity which would be a regulated activity for the purposes of the Financial Services and Markets Act 2000 but for article 72G of that Order(28); or

(h)the preparation of a home report, which for these purposes means the documents prescribed for the purposes of sections 98, 99(1) or 101(2) of the Housing (Scotland) Act 2006(29).;

(d)in sub-paragraph (3)—

(i)in paragraph (a), for “£64,000” substitute “£100,000;

(ii)in paragraph (f), after “(r)” insert “to (t)”.

(8) In paragraph 3—

(a)in sub-paragraph (1)—

(i)at the appropriate place insert—

“the Capital Requirements Directive” means Directive 2013/36/EU of the European Parliament and of the Council of 26th June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms(30);;

(ii)at the end of the definition of “the Capital Requirements Regulation insert “of 26th June 2013 on prudential requirements for credit institutions and investment firms”; and

(b)in sub-paragraph (3)—

(i)for “the Banking Consolidation Directive” substitute “the Capital Requirements Regulation, the Capital Requirements Directive”;

(ii)after “Part as”, insert “in that Regulation or”.

(9) In Part 2 of Schedule 9 (supervisory authorities), in paragraph 4—

(a)in sub-paragraph (1), omit paragraphs (b), (ea) and (f) (but not the “and” after paragraph (f));

(b)in sub-paragraph (2)—

(i)after paragraph (d), insert—

(da)the Chartered Institute of Legal Executives;;

(ii)omit paragraph (f).

Counter-Terrorism Act 2008

7.  In Schedule 7 to the Counter-Terrorism Act 2008(31) (terrorist financing and money laundering), for paragraph 45(3), substitute—

(3) Unless otherwise defined, expressions used in this Schedule and in Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing have the same meaning as in that Directive..

Borders, Citizenship and Immigration Act 2009

8.  In section 1 (general customs functions of the Secretary of State) of the Borders, Citizenship and Immigration Act 2009(32), in subsection (2)—

(a)in paragraph (d), for “Directive 2005/60/EC on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing”(33) substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing(34)”;

(b)in paragraph (e), for “Regulation (EC) No 1781/2006 on information on the payer accompanying transfers of funds”(35) substitute “Regulation (EU) 2015/847 of the European Parliament and of the Council of 20th May 2015 on information accompanying transfers of funds”.

Crime and Courts Act 2013

9.  In Schedule 17 (offences in relation to which a deferred prosecution arrangement may be entered into) to the Crime and Courts Act 2013(36), in paragraph 27, for “regulation 45 of the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute “regulation 86 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

Finance Act 2014

10.  In Schedule 34 to the Finance Act 2014(37), in paragraph 6(4)(j) (criminal offences) for “regulation 45(1) of the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute “regulation 86(1) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

Bank of England and Financial Services Act 2016

11.  In the Bank of England and Financial Services Act 2016—

(a)in the italic heading above section 30, after “Money laundering” insert “and terrorist financing”;

(b)in section 30 (politically exposed persons: money laundering)(38)—

(i)in the heading, after “Money laundering” insert “and terrorist financing”; and

(ii)in subsection (1) for “Secretary of State” substitute “Treasury”.

PART 2Consequential Amendments to Secondary Legislation

Estate Agents (Undesirable Practices) (No 2) Order 1991

12.  Schedule 3 (other matters) to the Estate Agents (Undesirable Practices) (No 2) Order 1991(39) is amended as follows—

(a)at the beginning of paragraph 2, insert “Subject to paragraph 2A”;

(b)after paragraph 2, insert—

2A.  Paragraph 2 does not apply if the estate agent does not forward accurate details of the offer because the estate agent is unable to apply the customer due diligence measures required by regulation 28, and where relevant, those required by regulations 33, and 35 to 37 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 in relation to the offeror..

Public Interest Disclosure (Prescribed Persons) Order (Northern Ireland) 1999

13.  In the Schedule (description of persons and matters) to the Public Interest Disclosure (Prescribed Persons) Order (Northern Ireland) 1999(40)—

(a)in the entry relating to Her Majesty’s Revenue and Customs, in column 2, for “regulation 23(1)(d)(vii) of the Money Laundering Regulations 2007” substitute “regulation 7(1)(c)(vii) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;

(b)in the appropriate place, insert the following entry—

National Crime Agency

Matters relating to compliance with—

(a)

the Terrorism Act 2000;

(b)

the Proceeds of Crime Act 2002; or

(c)

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

Terrorism Act 2000 (Crown Servants and Regulators) Regulations 2001

14.  In the meaning of “relevant business” in regulation 2 (interpretation) of the Terrorism Act 2000 (Crown Servants and Regulators) Regulations 2001(41) for “regulation 3(1)(a) to (h) of the Money Laundering Regulations 2007” substitute “regulation 8(2)(a) to (h) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

Representation of the People (England and Wales) Regulations 2001

15.  In regulation 114(3)(b) in the Representation of the People (England and Wales) Regulations 2001(42) (sale of full register to credit reference agencies), for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

Representation of the People (Scotland) Regulations 2001

16.  In regulation 113(3)(b) in the Representation of the People (Scotland) Regulations 2001(43) (sale of full register to credit reference agencies), for “the Money Laundering Regulations 2007” substitute “Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

17.  In article 72E(9) in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(44) (Business and Angel-led Enterprise Capital Funds) for “the Money Laundering Regulations 2007”(45) substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

Open-Ended Investment Companies Regulations 2001

18.  Regulation 48 (bearer shares) of the Open-Ended Investment Companies Regulations 2001(46) is amended as follows—

(a)the existing text is renumbered as paragraph (1);

(b)in that paragraph (1), after “investment company” insert “authorised before the day on which the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force (“the relevant date”)”;

(c)after paragraph (1) insert—

(2) An open-ended investment company authorised on or after the relevant date may not issue any bearer shares under paragraph (1), and any provision in the instrument of incorporation of such an open-ended investment company purporting to authorise it to do so is void.

(3) Paragraph (2) does not apply to an open-ended investment company if—

(a)an application for an authorisation order was made in relation to that open-ended investment company before the relevant date; and

(b)that application was not determined until a date on or after the relevant date..

Proceeds of Crime Act 2002 (Disclosure of information to and by Lord Advocate and Scottish Ministers) Order 2003

19.  In article 3(d) (disclosure of information by Lord Advocate and by Scottish Ministers) of the Proceeds of Crime Act 2002 (Disclosure of Information to and by Lord Advocate and Scottish Ministers) Order 2003(47) for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

Proceeds of Crime Act 2002 (Failure to Disclose Money Laundering: Specified Training) Order 2003

20.  In article 2 of the Proceeds of Crime Act 2002 (Failure to Disclose Money Laundering: Specified Training) Order 2003(48) (training specified), for “regulation 21 of the Money Laundering Regulations 2007” substitute “regulation 24 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

Legislative and Regulatory Reform (Regulatory Functions) Order 2007

21.—(1) Part 1 of the Schedule to the Legislative and Regulatory Reform (Regulatory Functions) Order 2007(49) is amended as follows.

(2) In the reference to “Her Majesty’s Revenue and Customs” for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

(3) In the reference to a “professional body” for “Schedule 3 to the Money Laundering Regulations 2007” substitute “Schedule 1 to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

Representation of the People (Northern Ireland) Regulations 2008

22.  In regulation 112(3)(b) of the Representation of the People (Northern Ireland) Regulations 2008(50) (sale of full register etc to credit reference agencies), for paragraph (i), substitute—

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

Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009

23.  In paragraph 2(6) of Schedule 3 (transitional and saving provisions) to the Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009(51), in the definition of “review and appeal provisions”—

(a)in paragraph (i) for “regulations 43 and 44 of the Money Laundering Regulations 2007” substitute “regulations 94 to 100 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;

(b)omit paragraph (j).

Payment Services Regulations 2009

24.—(1) The Payment Services Regulations 2009(52) are amended as follows.

(2) In regulation 2(1) (interpretation)(53), in the definition of “the money laundering directive” for “Directive 2005/60/EC of the European Parliament and of the Council of 26th October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing” substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing”.

(3) In regulation 6(7) (conditions for authorisation as a payment institution) for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

(4) In regulation 13 (conditions for registration as a small payment institution)—

(a)in sub-paragraph (a) of paragraph (4) for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”,

(b)in paragraph (6) for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

(5) In regulation 25(4)(a) (supervision of firms exercising passport rights) for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

(6) In regulation 29 (use of agents)—

(a)in sub-paragraph (a)(ii)(aa) of paragraph (3) for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”,

(b)in subparagraph (c)(i) of paragraph (6) for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

(7) In regulation 119(2) (duty to co-operate and exchange of information) for “regulation 49A of the Money Laundering Regulations 2007” substitute “regulation 105 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

(8) In paragraph 6 of Schedule 2 (information to be included in or with an application for authorisation)—

(a)for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;

(b)for “Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15 November 2006 on information on the payer accompanying transfers of funds”(54) substitute “Regulation 2015/847/EU of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds”(55).

(9) In paragraph 3(d)(ii) in Part 1 of Schedule 5(56) (application and modification of the Financial Services and Markets Act 2000) for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

(10) In paragraph 10(h) in Part 2 of Schedule 5(57) (application and modification of secondary legislation) for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

Companies (Disclosure of Address) Regulations 2009

25.  In paragraph 7(b) of Schedule 2 (disclosure to a credit reference agency) of the Companies (Disclosure of Address) Regulations 2009(58)—

(a)for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;

(b)for “Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing”(59) substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing”(60).

Overseas Companies Regulations 2009

26.  In paragraph 7(b) of Schedule 2 (disclosure to a credit reference agency) of the Overseas Companies Regulations 2009(61)—

(a)for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;

(b)for “Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing” substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing”.

Defence and Security Public Contracts Regulations 2011

27.  In regulation 23(1)(i) of Part 4 (criteria for the rejection of economic operators) to the Defence and Security Public Contracts Regulations 2011(62), at the end insert “or of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

Electronic Money Regulations 2011

28.—(1) The Electronic Money Regulations 2011(63) are amended as follows.

(2) In regulation 2(1) (interpretation), in the definition of “money laundering directive” for “Directive 2005/60/EC of the European Parliament and of the Council of 26th October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing”(64) substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing”(65).

(3) In regulation 6(7) (conditions for authorisation) for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

(4) In regulation 13 (conditions for registration) —

(a)in subparagraph (a) of paragraph (8) for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;

(b)in paragraph (10) for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

(5) In regulation 30(4)(a) (supervision of firms exercising passport rights) for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

(6) In regulation 34 (requirement for agents to be registered)—

(a)in subparagraph (a)(ii)(aa) in paragraph (3) for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;

(b)in subparagraph (c)(i) in paragraph (6) for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

(7) In regulation 71(2) (duty to cooperate and exchange information), in the words before sub-paragraph (a), for “regulation 49A of the Money Laundering Regulations 2007” substitute “regulation 105 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

(8) In paragraph 6 of Schedule 1 (information to be included in or with an application for authorisation)—

(a)for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;

(b)for “Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15 November 2006 on information on the payer accompanying transfers of funds”(66) substitute “Regulation 2015/847/EU of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds”(67).

Terrorism Act 2000 and Proceeds of Crime Act 2002 (Business in the Regulated Sector) (No 2) Order 2012

29.—(1) Regulation 4 (review) of the Terrorism Act 2000 and Proceeds of Crime Act 2002 (Business in the Regulated Sector) (No 2) Order 2012(68) is amended as follows.

(2) In paragraph (2) for “Directive 2005/60/EC of the European Parliament and of the Council on the protection of the use of the financial system for the purpose of money laundering and terrorist financing” substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing”(69).

(3) In paragraph (4) for “the end of the period of five years beginning with the day on which this Order comes into force” substitute “26th June 2022”.

Payment to Treasury of Penalties (Enforcement Costs) Order 2013

30.  In regulation 2(1)(d) (enforcement of powers) of the Payment to Treasury of Penalties (Enforcement Costs) Order 2013(70) for “regulation 42 of the Money Laundering Regulations 2007” substitute “regulation 76 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

Public Interest Disclosure (Prescribed Persons) Order 2014

31.  In the Schedule (description of persons and matters) to the Public Interest Disclosure (Prescribed Persons) Order 2014(71), in the entry relating to the National Crime Agency, for the words in the second column substitute—

Matters relating to—

(a)corrupt individuals or companies offering or receiving bribes to secure a benefit for themselves or others;

(b)compliance with—

(i)the Terrorism Act 2000;

(ii)the Proceeds of Crime Act 2002; or

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

Companies (Disclosure of Date of Birth Information) Regulations 2015

32.  In paragraph 7(b) of Schedule 2 (disclosure to a credit reference agency) to the Companies (Disclosure of Date of Birth Information) Regulations 2015(72)—

(a)for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;

(b)for “Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing”(73) substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing”.

Payment Accounts Regulations 2015

33.  In regulation 25(1)(b) of Part 4 (refusal of application) in the Payment Accounts Regulation 2015(74) for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

Register of People with Significant Control Regulations 2016

34.  In paragraph 8(b) of Schedule 4 (disclosure to a credit reference agency) of the Register of People with Significant Control Regulations 2016(75)—

(a)in paragraph (i) for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;

(b)in paragraph (iii) for “Directive 2005/60/EC of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing” substitute “Directive 2015/849/EU of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing”.

Economic Growth (Regulatory Functions) Order 2017

35.  In Part 1 of the Schedule to the Economic Growth (Regulatory Functions) Order 2017(76), in the entry for Her Majesty’s Revenue and Customs, for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.

(1)

1980 c.46. Subsection (1A) was inserted by paragraph 12 of Schedule 1 to the Law Reform (Miscellaneous Provisions) (Scotland) Act 1985 (c.73). Subsections (1B) and (1C) were inserted by S.S.I. 2004/383, and amended by section 31(3)(a) of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990 (c.40), and section 124(2) of the Legal Services (Scotland) Act 2010 (asp 16).

(5)

Part 20C was inserted by section 30 of the Bank of England and Financial Service Act 2016 (c.14).

(7)

OJ No L 141, 05.06.15, p. 73.

(8)

2000 c.11. Part 1 of Schedule 3A was substituted by S.I. 2007/3288. Paragraph 1 of that Schedule was amended by S.I. 2011/99, 2013/3115 and 2015/575. Paragraph 3 of that Schedule was amended by S.I. 2011/2701, 2013/3115 and 2015/575.

(9)

Paragraph (b) was amended by S.I. 2011/99 and 2013/3115.

(10)

1974 c.39.

(11)

Paragraph (j) was amended by S.I. 2008/948.

(12)

Paragraph 1(6) was substituted by S.I. 2016/680.

(13)

S.I. 2001/544. Article 72G was inserted by S.I. 2014/366.

(15)

OJ L 176, 27.6.2013, p.338.

(16)

2000 c.11. Part 2 of Schedule 3A was substituted by S.I. 2007/3288. Paragraph 4 was amended by paragraph 87(1), (2)(a) and (b) of Schedule 18 to the Financial Services Act 2012 (c.21), and by S.I. 2014/892.

(20)

OJ L 309, 25.11. 05, p.15.

(21)

OJ L 141, 05.06.15, p.73.

(22)

2002 c.29. Part 1 of Schedule 9 was substituted by S.I. 2007/3287. Paragraph 1 of that Schedule was amended by S.I. 2011/99, 2013/3115 and 2015/575. Paragraph 3 of that Schedule was amended by S.I. 2011/2701, 2013/3115 and 2015/575.

(23)

Paragraph (b) was amended by S.I. 2011/99 and 2013/3115.

(24)

1974 c.39.

(25)

2014 c.2.

(26)

Paragraph 1(6) was amended by S.I. 2016/680.

(27)

S.I. 2001/544. Article 3(1) was amended, but the amendments are not relevant to these Regulations.

(28)

Article 72G was inserted by S.I. 2014/366, and amended by S.I. 2015/910 and 2016/392.

(29)

2006 asp.1.

(30)

OJ L 176, 27.6.2013, p.338.

(31)

2008 c.28.

(33)

OJ L 309, 25.11. 05, p.15.

(34)

OJ L 141, 05.06.15, p.73.

(35)

OJ L 345, 8.12. 06, p.1.

(40)

S.I. 1999/401. The Schedule was substituted by S.R. (N.I.) 2014 No 48. There are other amendments which are not relevant to these Regulations.

(41)

S.I. 2001/192. The definition of “relevant business” was amended by S.I. 2003/3075, 2007/2157.

(42)

S.I. 2001/341. Regulation 114(3)(b)was amended by S.I. 2003/3075, 2007/2157, 2013/472.

(43)

S.I. 2001/497 (S.2). Regulation 113(3)(b) was amended by S.I. 2003/3075, 2007/2157, 2013/472.

(44)

S.I. 2001/544. Regulation 72E was inserted by S.I. 2005/1518, and paragraph (9) was amended by S.I. 2007/2157.

(47)

S.I. 2003/93. Article 3(d) was amended by S.I. 2007/2157 and S.S.I. 2014/49.

(48)

S.I. 2003/171. Article 2 was amended by S.I. 2007/2157.

(49)

S.I. 2007/3544. The references to Her Majesty’s Revenue and Customs and a professional body were amended by S.I. 2009/2981. There are other amendments to the Schedule which are not relevant to these Regulations.

(53)

Regulation 2(1) was amended, but those amendments are not relevant to these Regulations.

(54)

OJ L 345, 8.12.2006, p.1.

(55)

OJ L 141, 05.06.2015, p.1.

(56)

2000 c. 8.

(57)

Paragraph 10(h) was amended by S.I. 2015/1911.

(58)

S.I. 2009/214. Paragraph 7(b) was amended by S.I. 2013/472.

(59)

OJ L 309, 25.11. 05, p15.

(60)

OJ L 141, 05.06.15, p73.

(61)

S.I. 2009/1801. Paragraph 7(b) was amended by S.I. 2013/472.

(64)

OJ No L 309, 25.11. 05, p15.

(65)

OJ No L 141, 05.06.15, p73.

(66)

OJ No L 345, 8.12. 06, p1.

(67)

OJ L 141, 05.06.2015, p.1.

(69)

OJ L 141, 05.06.15, p.73.

(71)

S.I. 2014/2418. There are amendments to the Schedule, but they are not relevant to these Regulations.

(73)

OJ L 309, 25.11. 05, p.15.

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