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

[F1 Obligation of confidentiality U.K.

52A.— (1) No person working for a relevant supervisory authority, or acting on behalf of a relevant supervisory authority (or who has worked or acted for a relevant supervisory authority) may, except in accordance with this regulation, disclose any confidential information received in the course of their duties under these Regulations.

(2) Information referred to in paragraph (1) may be disclosed in summary or aggregate form, provided that no credit institution or financial institution is identifiable from the information disclosed.

(3) A relevant supervisory authority may [F2 disclose] confidential information received pursuant to these Regulations—

(a) in the discharge of its duties under these Regulations or under other legislation relating to—

(i) [F3 money laundering, terrorist financing or proliferation financing];

(ii) prudential regulation; or

(iii) the supervision of credit institutions and financial institutions;

(b) in an appeal against a decision of a supervisory authority;

(c) in court proceedings initiated by a relevant supervisory authority in the exercise of the duties referred to in sub-paragraph (a), or otherwise relating to the authority’s discharge of those duties;

[F4 (d) where the Commissioners are the supervisory authority, in accordance with sections 17 and 18 of the Commissioners for Revenue and Customs Act 2005];

[F5 (e) in accordance with regulation 52.]

(4) This regulation does not prevent the exchange of information between—

(a) any authority in the United Kingdom responsible for the supervision of a credit institution or a financial institution in accordance with these Regulations or other law relating to credit institutions or financial institutions (a “UK authority”) and another UK authority;

[F6 (b) a UK authority and a competent authority in a third country supervising any credit or financial institution in accordance with—

(i) the fourth money laundering directive or other legislative acts relating to credit institutions or financial institutions;

(ii) laws imposing requirements on credit institutions or financial institutions which have an equivalent effect to those laid down in the fourth money laundering directive.]

(5) Confidential information may only be exchanged under paragraph (4) if the authority to which the information is provided agrees to hold it subject to an obligation of confidentiality equivalent to that set out in paragraph (1).

(6) Nothing in this regulation affects the disclosure of confidential information in accordance with regulations made under section 349 (exceptions from section 348) of FSMA M1 .

(7) For the purposes of this regulation, a “relevant supervisory authority” is a supervisory authority which is responsible for the supervision of credit institutions or financial institutions.]

Textual Amendments

F1 Regs. 52A, 52B inserted (10.1.2020) by The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (S.I. 2019/1511), regs. 1(2), 7(7)

F2 Word in reg. 52A(3) substituted (1.9.2022) by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(5), 11(2)(a)

F3 Words in reg. 52A(3)(a)(i) substituted (1.9.2022) by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(5), 6(8)(e)

F4 Reg. 52A(3)(d) inserted (6.10.2020) by The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/991), regs. 1(2), 8

F5 Reg. 52A(3)(e) inserted (1.9.2022) by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(5), 11(2)(b)

F6 Reg. 52A(4)(b) substituted (31.12.2020) by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(4), 4(4)

Marginal Citations

M1 2000 c. 8. Section 349 has been amended by section 964 of the Companies Act 2006 (c.46), paragraph 19 of Schedule 12 to the Financial Services Act 2012 (c.21) and by S.I. 2006/1183 and 2007/1093.