Part 7

Money Laundering

Threshold amounts

Threshold amounts
339A
1
In this section—
a
subsections (2) to (6) apply for the purposes of sections 327(2C), 328(5) and 329(2C), and
b
subsection (6A) applies for the purposes of sections 327(2D), 328(6) and 329(2D).
2
The threshold amount for acts done by a deposit-taking body
, electronic money institution or payment institution
in operating an account is
£3,000
unless a higher amount is specified under the following provisions of this section (in which event it is that higher amount).
3
An officer of Revenue and Customs, or a constable, may specify the threshold amount for acts done by a deposit-taking body
, electronic money institution or payment institution
in operating an account—
a
when he gives consent, or gives notice refusing consent, to the
body's or institution's
doing of an act mentioned in section 327(1), 328(1) or 329(1) in opening, or operating, the account or a related account, or
b
on a request from the
body or institution
.
4
Where the threshold amount for acts done in operating an account is specified under subsection (3) or this subsection, an officer of Revenue and Customs, or a constable, may vary the amount (whether on a request from the deposit-taking body
, electronic money institution or payment institution
or otherwise) by specifying a different amount.
5
Different threshold amounts may be specified under subsections (3) and (4) for different acts done in operating the same account.
6
The amount specified under subsection (3) or (4) as the threshold amount for acts done in operating an account must, when specified, not be less than the amount specified in subsection (2).
6A
The threshold amount for acts done by a person carrying on business in the regulated sector, for the purposes of the termination of a business relationship with a customer or client, is
£3,000
.
7
The Secretary of State may by order vary the amount for the time being specified in subsection (2)
or (6A)
.
8
For the purposes of this section, an account is related to another if each is maintained with the same deposit-taking body
, electronic money institution or payment institution
and there is a person who, in relation to each account, is the person or one of the persons entitled to instruct the body
or institution
as respects the operation of the account.
Words in s. 339A(3)(a) substituted (29.6.2021) by Financial Services Act 2021 (c. 22), ss. 32(5)(c), 49(2)(b)
S. 339A(1) substituted (26.10.2023) by Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 182(5)(a), 219(2)(f)
S. 339A(6A) inserted (26.10.2023) by Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 182(5)(b), 219(2)(f)
Words in s. 339A(2) inserted (29.6.2021) by Financial Services Act 2021 (c. 22), ss. 32(5)(a), 49(2)(b)
Words in s. 339A(8) inserted (29.6.2021) by Financial Services Act 2021 (c. 22), ss. 32(5)(f)(ii), 49(2)(b)
Words in s. 339A(8) inserted (29.6.2021) by Financial Services Act 2021 (c. 22), ss. 32(5)(f)(i), 49(2)(b)
Pt. 7 applied (24.2.2003) by Proceeds of Crime Act 2002 (Crown Servants) Regulations 2003 (S.I. 2003/173), regs. 1, 3
Words in s. 339A(3)(b) substituted (29.6.2021) by Financial Services Act 2021 (c. 22), ss. 32(5)(d), 49(2)(b)
Words in s. 339A(7) inserted (26.10.2023) by Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 182(5)(c), 219(2)(f)
Words in s. 339A(3) inserted (29.6.2021) by Financial Services Act 2021 (c. 22), ss. 32(5)(b), 49(2)(b)
Words in s. 339A(4) inserted (29.6.2021) by Financial Services Act 2021 (c. 22), ss. 32(5)(e), 49(2)(b)
S. 339A and cross-heading inserted (1.7.2005) by Serious Organised Crime and Police Act 2005 (c. 15), ss. 103(5), 178(8); S.I. 2005/1521, art. 3(1)(c)
Sum in s. 339A(2) substituted (31.7.2025) by The Proceeds of Crime (Money Laundering) (Threshold Amount) (Amendment) Order 2025 (S.I. 2025/877), arts. 1(2), 2(a)
Sum in s. 339A(6A) substituted (31.7.2025) by The Proceeds of Crime (Money Laundering) (Threshold Amount) (Amendment) Order 2025 (S.I. 2025/877), arts. 1(2), 2(b)