13DMoney service businesses

1

A person is a relevant data-holder if the person—

a

carries on any of the activities in sub-paragraph (2) by way of business,

b

is a relevant person within the meaning of regulation 8(1) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), and

c

is not an excluded credit institution.

2

The activities referred to in sub-paragraph (1)(a) are—

a

operating a currency exchange office;

b

transmitting money (or any representation of monetary value) by any means;

c

cashing cheques which are made payable to customers.

3

An excluded credit institution is a credit institution which has permission to carry on the regulated activity of accepting deposits—

a

under Part 4A of the Financial Services and Markets Act 2000 (permission to carry on regulated activities), or

b

resulting from Part 2 of Schedule 3 to that Act (exercise of passport rights by EEA firms).

4

Sub-paragraph (3) is to be read with section 22 of and Schedule 2 to the Financial Services and Markets Act 2000, and any order under that section (classes of regulated activities).

5

In this paragraph “credit institution” has the meaning given by Article 4.1(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms.