The Money Laundering Regulations 2007 (revoked)

Registration of high value dealers, money service businesses and trust or company service providers U.K.

Duty to maintain registers U.K.

25.—(1) The Commissioners must maintain registers of—

(a) high value dealers;

(b) money service businesses for which they are the supervisory authority; F1 ...

(c) trust or company service providers for which they are the supervisory authority.

[F2 (d) bill payment service providers for which they are the supervisory authority; and]

[F2 (e) telecommunication, digital and IT payment service providers for which they are the supervisory authority.]

(2) The Commissioners may keep the registers in any form they think fit.

(3) The Commissioners may publish or make available for public inspection all or part of a register maintained under this regulation.

Textual Amendments

F1 Word in reg. 25(1)(b) omitted (1.11.2009) by virtue of The Payment Services Regulations 2009 (S.I. 2009/209), reg. 1(2)(c), Sch. 6 para. 6(e)

F2 Reg. 25(1)(d)(e) inserted (1.11.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), reg. 1(2)(c), Sch. 6 para. 6(e)

Requirement to be registered U.K.

26.—(1) A person in respect of whom the Commissioners are required to maintain a register under regulation 25 must not act as a—

(a) high value dealer;

(b) money service business; F3 ...

(c) trust or company service provider,

[F4 (d) bill payment service provider; or]

[F4 (e) telecommunication, digital and IT payment service provider,]

unless he is included in the register.

(2) Paragraph (1) and regulation 29 are subject to the transitional provisions set out in regulation 50.

Textual Amendments

F3 Word in reg. 26(1)(b) omitted (1.11.2009) by virtue of The Payment Services Regulations 2009 (S.I. 2009/209), reg. 1(2)(c), Sch. 6 para. 6(f)

F4 Reg. 26(1)(d)(e) inserted (1.11.2009) by The Payment Services Regulations 2009 (S.I. 2009/209), reg. 1(2)(c), Sch. 6 para. 6(f)

Applications for registration in a register maintained under regulation 25 U.K.

27.—(1) An applicant for registration in a register maintained under regulation 25 must make an application in such manner and provide such information as the Commissioners may specify.

(2) The information which the Commissioners may specify includes—

(a) the applicant's name and (if different) the name of the business;

(b) the nature of the business;

(c) the name of the nominated officer (if any);

(d) in relation to a money service business or trust or company service provider—

(i) the name of any person who effectively directs or will direct the business and any beneficial owner of the business; and

(ii) information needed by the Commissioners to decide whether they must refuse the application pursuant to regulation 28.

(3) At any time after receiving an application and before determining it, the Commissioners may require the applicant to provide, within 21 days beginning with the date of being requested to do so, such further information as they reasonably consider necessary to enable them to determine the application.

(4) If at any time after the applicant has provided the Commissioners with any information under paragraph (1) or (3)—

(a) there is a material change affecting any matter contained in that information; or

(b) it becomes apparent to that person that the information contains a significant inaccuracy,

he must provide the Commissioners with details of the change or, as the case may be, a correction of the inaccuracy within 30 days beginning with the date of the occurrence of the change (or the discovery of the inaccuracy) or within such later time as may be agreed with the Commissioners.

(5) The obligation in paragraph (4) applies also to material changes or significant inaccuracies affecting any matter contained in any supplementary information provided pursuant to that paragraph.

(6) Any information to be provided to the Commissioners under this regulation must be in such form or verified in such manner as they may specify.

Fit and proper test U.K.

28.—(1) The Commissioners must refuse to register an applicant as a money service business or trust or company service provider if they are satisfied that—

(a) the applicant;

(b) a person who effectively directs, or will effectively direct, the business or service provider;

(c) a beneficial owner of the business or service provider; or

(d) the nominated officer of the business or service provider,

is not a fit and proper person [F5 with regard to the risk of money laundering or terrorist financing].

F6 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F6 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F5 Words in reg. 28(1) inserted (1.10.2012) by The Money Laundering (Amendment) Regulations 2012 (S.I. 2012/2298), regs. 1, 10(a)

F6 Reg. 28(2)(3) omitted (1.10.2012) by virtue of The Money Laundering (Amendment) Regulations 2012 (S.I. 2012/2298), regs. 1, 10(b)

Determination of applications under regulation 27 U.K.

29.—(1) Subject to regulation 28, the Commissioners may refuse to register an applicant for registration in a register maintained under regulation 25 only if—

(a) any requirement of, or imposed under, regulation 27 has not been complied with;

(b) it appears to the Commissioners that any information provided pursuant to regulation 27 is false or misleading in a material particular; or

(c) the applicant has failed to pay a charge imposed by them under regulation 35(1).

(2) The Commissioners must within 45 days beginning either with the date on which they receive the application or, where applicable, with the date on which they receive any further information required under regulation 27(3), give the applicant notice of—

(a) their decision to register the applicant; or

(b) the following matters—

(i) their decision not to register the applicant;

(ii) the reasons for their decision;

[F7 (iii) the right to a review under regulation 43A; and]

(iv) the right to appeal under regulation [F8 43].

(3) The Commissioners must, as soon as practicable after deciding to register a person, include him in the relevant register.

Textual Amendments

F7 Reg. 29(2)(b)(iii) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 2 para. 169(2)

F8 Word in reg. 29(2)(b)(iv) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 2 para. 169(3)

Cancellation of registration in a register maintained under regulation 25 U.K.

30.—(1) The Commissioners must cancel the registration of a money service business or trust or company service provider in a register maintained under regulation 25(1) if, at any time after registration, they are satisfied that he or any person mentioned in regulation 28(1)(b), (c) or (d) is not a fit and proper person within the meaning of regulation [F9 28].

[F10 (2) The Commissioners may cancel a person’s registration in a register maintained by them under regulation 25 if, at any time after registration—

(a) it appears to them that that any condition in regulation 29(1) is met; or

(b) the person has failed to comply with any requirement of a notice given under regulation 37.]

[F11 (2A) The Commissioners may cancel the registration of a money service business in a register maintained under regulation 25(1)(b) where the money service business—

(a) is providing a payment service in the United Kingdom, or is purporting to do so;

(b) is not included in the register of payment service providers maintained by the Authority under regulation 4(1) of the Payment Service Regulations 2009; and

(c) is not a person mentioned in paragraphs (c) to (h) of the definition of a payment service provider in regulation 2(1) of the Payment Services Regulations 2009, or a person to whom regulation 3 or 121 of those Regulations applies.]

(3) Where the Commissioners decide to cancel a person's registration they must give him notice of—

(a) their decision and, subject to paragraph (4), the date from which the cancellation takes effect;

(b) the reasons for their decision;

[F12 (c) the right to a review under regulation 43A; and]

(d) the right to appeal under regulation [F13 43].

(4) If the Commissioners—

(a) consider that the interests of the public require the cancellation of a person's registration to have immediate effect; and

(b) include a statement to that effect and the reasons for it in the notice given under paragraph (3),

the cancellation takes effect when the notice is given to the person.

Textual Amendments

F9 Word in reg. 30(1) substituted (1.10.2012) by The Money Laundering (Amendment) Regulations 2012 (S.I. 2012/2298), regs. 1, 11(a)

F10 Reg. 30(2) substituted (1.10.2012) by The Money Laundering (Amendment) Regulations 2012 (S.I. 2012/2298), regs. 1, 11(b)

F11 Reg. 30(2A) inserted (1.10.2012) by The Payment Services Regulations 2012 (S.I. 2012/1791), regs. 1(2)(b), 2

F12 Reg. 30(3)(c) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 2 para. 170(2)

F13 Word in reg. 30(3)(d) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 2 para. 170(3)