The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013

The Money Laundering Regulations 2007

129.  In the Money Laundering Regulations 2007(1)—

(a) in regulation 2(1) (interpretation)—

(i) in the definition of “the Authority”, for “Financial Services Authority” substitute “Financial Conduct Authority”;

(ii) after the definition of “payment services” insert—

““person who has a qualifying relationship with a PRA-authorised person” is to be read with section 415B(4) of the 2000 Act;

“the PRA” means the Prudential Regulation Authority;

“PRA-authorised person” has the meaning given in section 2B(5) of the 2000 Act;”;

(b) in regulation 24 (duties of supervisory authorities)—

(i) in paragraph (4)—

(aa) for “Schedule 1” substitute “Schedule 1ZA”;

(bb) for “(the Financial Services Authority)” substitute “(the Financial Conduct Authority)”,

(ii) after paragraph (4), insert—

“(5) The functions of the PRA under these Regulations shall be treated for the purposes of Parts 1, 2 and 4 of Schedule 1ZB to the 2000 Act (the Prudential Regulation Authority) as functions conferred on the PRA under that Act.”;

(c) in regulation 24A(2) (disclosure by supervisory authorities), after sub-paragraph (a), insert—

“(aa) by the Authority to the PRA, where the information concerns a PRA-authorised person or a person who has a qualifying relationship with a PRA-authorised person;”;

(d) in regulation 31(2)(b) (requirement on authorised person to inform the Authority), before “Authority” insert “Financial Services”;

(e) in regulation 42 (power to impose civil penalties), after paragraph (4), insert—

“(4A) Where the Authority proposes to impose a penalty under this regulation on a PRA-authorised person or on a person who has a qualifying relationship with a PRA-authorised person, it must consult the PRA.”;

(f) in regulation 49(1) (obligations on public authorities), after sub-paragraph (j) insert—

“(ja) the PRA;”;

(g) in paragraph 2 of Schedule 5 (modifications in relation to appeals), after sub-paragraph (a) insert—

“(aa) in section 133(7A), after paragraph (n), insert—

“(o) a decision to impose a penalty under regulation 42 of the Money Laundering Regulations 2007.”.”.

(1)

S.I. 2007/2157: relevant amending instruments are S.I. 2007/3299, S.I. 2009/56, S.I. 2009/209, S.I. 2010/22, S.I. 2011/1265, S.I. 2011/2699, and S.I. 2012/2298.