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

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Financial Services and Markets Act 2000

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3.—(1) FSMA(1) 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)(2), 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”.

(2)

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

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