SCHEDULES
SCHEDULE 1Professional Bodies
1
Association of Accounting Technicians
2
Association of Chartered Certified Accountants
3
Association of International Accountants
4
Association of Taxation Technicians
5
Chartered Institute of Legal Executives
6
Chartered Institute of Management Accountants
7
Chartered Institute of Taxation
8
Council for Licensed Conveyancers
9
Faculty of Advocates
10
Faculty Office of the Archbishop of Canterbury
11
General Council of the Bar
12
General Council of the Bar of Northern Ireland
13
Insolvency Practitioners Association
14
Institute of Certified Bookkeepers
15
Institute of Chartered Accountants in England and Wales
16
Institute of Chartered Accountants in Ireland
17
Institute of Chartered Accountants of Scotland
18
Institute of Financial Accountants
19
International Association of Bookkeepers
20
Law Society
21
Law Society of Northern Ireland
22
Law Society of Scotland
SCHEDULE 2Activities listed in points 2 to 12, 14 and 15 of Annex I to the Capital Requirements Directive
The activities listed in points 2 to 12, 14 and 15 of Annex I to the Capital Requirements Directive are—
2
Lending including, inter alia: consumer credit, credit agreements relating to immovable property, factoring, with or without recourse, financing of commercial transactions (including forfeiting).
3
Financial leasing.
4
Payment services as defined in point (3) of Article 4 of Directive 2015/2366/EU M1.
5
Issuing and administering other means of payment (e.g. travellers' cheques and bankers' drafts) insofar as such activity is not covered by point 4.
6
Guarantees and commitments.
7
Trading for own account or for account of customers in any of the following:
a
money market instruments (cheques, bills, certificates of deposit, etc.);
b
foreign exchange;
c
financial futures and options;
d
exchange and interest-rate instruments;
e
transferable securities.
8
Participation in securities issues and the provision of services relating to such issues.
9
Advice to undertakings on capital structure, industrial strategy and related questions and advice as well as services relating to mergers and the purchase of undertakings.
10
Money broking.
11
Portfolio management and advice.
12
Safekeeping and administration of securities.
14
Safe custody services.
15
Issuing electronic money.
SCHEDULE 3Relevant Offences
1
An offence under the Perjury Act 1911 M2.
2
An offence under section 89 of the Criminal Justice Act 1967 (false written statements tendered in evidence) M3.
3
An offence under section 20BB of the Taxes Management Act 1970 (falsification of documents) M4.
4
An offence under section 11 of the European Communities Act 1972 (EU offences) M5.
5
An offence under Article 10 of the Perjury (Northern Ireland) Order 1979 (false statutory declarations and other false unsworn statements) M6.
6
An offence under the Customs and Excise Management Act 1979 M7.
7
An offence under the Estate Agency Act 1979, or specified for the purposes of section 3 of that Act in the Estate Agents (Specified Offences) (No 2) Order 1991 M8.
8
An offence under any of sections 1 to 5 of the Forgery and Counterfeiting Act 1981 M9 (counterfeiting offences).
9
An offence under section 35 of the Administration of Justice Act 1985 (penalty for pretending to be a licensed conveyancer or recognised body) M10.
10
An offence under section 11(1) (undischarged bankrupts) or 13 (criminal penalties) of the Company Directors Disqualification Act 1986 M11.
11
An offence under section 1, 2, 3, 3ZA or 3A of the Computer Misuse Act 1990 M12 (computer misuse offences).
12
An offence under section 112 (false representations or obtaining benefit) or 114 (offences relating to contributions) of the Social Security Administration Act 1992 M13.
13
An offence under section 52 of the Criminal Justice Act 1993 M14 (the offence of insider dealing).
14
An offence under the Value Added Tax Act 1994 M15.
15
An offence under section 44(2) of the Criminal Law (Consolidation) (Scotland) Act 1995 (false statement and declarations) M16.
16
An offence under the Data Protection Act 1998 M17.
17
An offence under the Terrorism Act 2000 M18.
18
An offence under paragraph 7(2) or (3) of Schedule 3 to the Anti-Terrorism, Crime and Security Act 2001 M19 (offences).
19
20
An offence under section 35 of the Tax Credits Act 2002 M23 (offence of fraud).
21
An offence under Part 7 (money laundering) or Part 8 (investigations) of, or listed in Schedule 2 (lifestyle offences: England and Wales), 4 (lifestyle offences: Scotland) or 5 (lifestyle offences: Northern Ireland) to, the Proceeds of Crime Act 2002 M24.
22
An offence under the Commissioners for Revenue and Customs Act 2005 M25.
23
An offence under the Terrorism Act 2006 M26.
24
An offence under section 1, 2, 6 or 7 of the Bribery Act 2010 M27 (bribery).
25
An offence under section 45 of the Serious Crime Act 2015 M28 (offence of participating in activities of organised crime gang).
26
An offence under Parts 1 (general privacy protections); 2 (lawful interception of communications), 3 (authorisations for obtaining communications data), 5 (equipment interference), 6 (bulk warrants) and 7 (bulk personal dataset warrants) of the Investigatory Powers Act 2016 M29.
27
An offence under section 45 (failure to prevent facilitation of UK tax evasion offences) or 46 (failure to prevent facilitation of foreign tax evasion offences) of the Criminal Finances Act 2017 M30.
28
An offence of cheating the public revenue.
29
An offence under the law of any part of the United Kingdom consisting of being knowingly concerned in, or in taking steps with a view to, the fraudulent evasion of tax.
30
Any offence which has deception or dishonesty as one of its components.
31
The common law offences of conspiracy to defraud and perverting the course of justice.
32
An offence of attempting, conspiring or inciting the commission of an offence specified in this Schedule.
33
An offence under section 44 of the Serious Crime Act 2007 of doing an act capable of encouraging or assisting the commission of an offence specified in this Schedule.
34
An offence of aiding, abetting, counselling or procuring the commission of an offence specified in this Schedule.
35
An act which—
a
constituted an offence under the law of a foreign country, and
b
would have constituted an offence under any of paragraphs 1 to 34 under the law of any part of the United Kingdom if it had been done—
i
in that part of the United Kingdom;
ii
by a person who is linked to part of the United Kingdom (within the meaning of paragraph 5(3) of Schedule 7A to the Proceeds of Crime Act 2002 (connection with relevant part of the United Kingdom) M31); or
iii
as regards the United Kingdom.
SCHEDULE 4Supervisory Information
1
The number of persons subject to the supervision of the supervisory authority, or in the case of a self-regulatory organisation, the number of its members (“supervised persons”).
2
The number of supervised persons who are individuals.
3
In the case of a self-regulatory organisation, the number of its supervised persons who act as trust or company service providers.
4
In the case of a self-regulatory organisation, the number of applications for membership which the organisation has—
a
received,
b
rejected, and
c
accepted.
5
The services provided by supervised persons.
6
The number of firms subject to the supervision of the supervisory authority which the authority considers to be—
a
high risk;
b
medium risk;
c
low risk;
and for these purposes, “risk” refers to the risk that the firm will be subject to money laundering or terrorist financing.
7
The number of applications for approval received by the supervisory authority under regulation 26, and the number of those that—
a
were refused;
b
were accepted;
c
are to be determined.
8
The number of approvals under regulation 26 which were not valid, or ceased to be valid under paragraph (9) of that regulation.
9
In the case of a self-regulatory organisation, the number, amount and type of disciplinary measures it has imposed in relation to contraventions of these Regulations on supervised persons.
10
The number of times the supervisory authority has—
a
refused to register an applicant for registration under regulation 59; or
b
exercised any powers under regulation 60.
11
The number of times the supervisory authority has exercised any powers under Part 8.
12
The number of contraventions of these Regulations committed by supervised persons.
13
The number and amount of penalties or charges which have been imposed under Part 9.
14
The number of times the supervisory authority has exercised the other powers under Part 9.
15
The number of times the supervisory authority or any of its supervised persons has made a suspicious activity disclosure to the NCA, and for these purposes, “suspicious activity disclosure” has the meaning given in regulation 104(4).
16
The number of supervised persons who have contravened requirements imposed by or under—
a
Part 3 of the Terrorism Act 2000 (terrorist property) M32, or
b
Part 7 (money laundering) or 8 (investigations) of the Proceeds of Crime Act 2002 M33.
17
Information on the money laundering and terrorist financing practices that the supervisory authority considers apply to its own sector.
18
Indications that the supervisory authority considers to suggest that a transfer of criminal funds takes place in their own sector.
SCHEDULE 5Connected Persons
Corporate Bodies1
If the relevant person or payment service provider is a body corporate, any person who is or has been—
a
an officer or manager of the body corporate;
b
an officer or manager of a parent undertaking of the body corporate;
c
an employee of the body corporate;
d
an agent of the body corporate; or
e
an agent of a parent undertaking of the body corporate.
Partnerships2
If the relevant person or payment service provider is a partnership, any person who is or has been a member, manager, employee or agent of the partnership.
Unincorporated Associations3
If the relevant person or payment service provider is an unincorporated association of persons which is not a partnership, any person who is or has been a member, an officer, manager, employee or agent of the association.
Individuals4
If the relevant person or payment service provider is an individual, any person who is or has been an employee or agent of that individual.
SCHEDULE 6Meaning of “relevant requirement”
1
For the purposes of Part 9 of these Regulations, “relevant requirement” means—
a
a requirement imposed by the funds transfer regulation specified—
i
in relation to a payment service provider of a payer, in paragraph 2;
ii
in relation to a payment service provider of a payee, in paragraph 3;
iii
in relation to the payment service provider of an intermediary, in paragraph 4.
b
a requirement imposed (otherwise than on supervisory authorities, registering authorities or auction platforms) in or under the regulations specified in paragraphs 5 to 13;
c
the following requirements imposed on auction platforms—
i
the customer due diligence requirements in Article 19 or 20.6 of the emission allowance auctioning regulation;
ii
the monitoring and record keeping requirements of Article 54 of the emission allowance auctioning regulation; or
iii
the requirements imposed in regulations 18 to 21 or 24 of these Regulations;
iv
any requirement imposed under regulations 66, 69(2), 70(7), 77(2) and (6) or 78(2) or (5) of these Regulations.
2
The requirements specified in this paragraph are those imposed in—
a
Article 4 (information accompanying transfers of funds);
b
Article 5 (information within the EEA);
c
Article 6 (transfer of funds outside the EEA);
d
Article 14 (provision of information);
e
Article 15 (data protection);
f
Article 16 (record retention).
3
The requirements specified in this paragraph are those imposed in—
a
Article 7 (detection of missing information on the payer or the payee);
b
Article 8 (transfers of funds with missing or incomplete information on the payer or the payee);
c
Article 9 (assessment and reporting);
d
Article 14 (provision of information);
e
Article 15 (data protection);
f
Article 16 (record retention).
4
The requirements specified in this paragraph are those imposed in—
a
Article 10 (retention of information on the payer and the payee with the transfer);
b
Article 11 (detection of missing information on the payer or the payee);
c
Article 12 (transfer of funds with missing information on the payer or the payee);
d
Article 13 (assessment and reporting);
e
Article 14 (provision of information);
f
Article 15 (data protection);
g
Article 16 (record retention).
5
The requirements specified in this paragraph are those—
a
imposed in—
i
regulation 18 (risk assessment by relevant persons);
ii
regulation 19 (policies, controls and procedures);
iii
regulation 20 (policies, controls and procedures: group level);
iv
regulation 21 (internal controls);
v
regulation 22 (central contact points: electronic money issuers and payment service providers);
vi
regulation 23 (requirement on authorised person to inform the FCA);
vii
regulation 24 (training);
b
imposed by supervisory authorities under regulation 25 (supervisory action).
6
The requirements specified in this paragraph are those imposed in regulation 26(1), (4), (5) and (10) (prohibition and approvals).
7
The requirements specified in this paragraph are those imposed in—
a
regulation 27 (customer due diligence);
b
regulation 28 (customer due diligence measures);
c
regulation 29 (additional customer due diligence measures: credit institutions and financial institutions),
d
regulation 30 (timing of verification);
e
regulation 31(1) (requirement to cease transactions);
f
regulation 33(1) and (4) to (6) (obligation to apply enhanced customer due diligence);
g
regulation 34 (enhanced customer due diligence: credit institutions, financial institutions and correspondent relationships);
h
regulation 35 (enhanced customer due diligence: politically exposed persons);
i
regulation 37 (application of simplified due diligence);
j
regulation 38(3) (electronic money).
8
The requirements specified in this paragraph are those imposed in—
a
regulation 39(2) and (4) (reliance);
b
regulation 40(1) and (5) to (7) (record keeping);
c
regulation 41 (data protection).
9
The requirements specified in this paragraph are those imposed in—
a
regulation 43 (corporate bodies: obligations);
b
regulation 44 (trustee obligations);
c
regulation 45(2) and (9) (register of beneficial ownership).
10
The requirements specified in this paragraph are those imposed in—
a
regulation 56(1) and (5) (requirement to be registered);
b
regulation 57(1) and (4) (applications for registration in a register maintained under regulations 54 or 55).
11
The requirements specified in this paragraph are those imposed in regulation 64(2) (obligations of payment service providers);
12
The requirements specified in this paragraph are those imposed under—
a
regulation 66 (power to require information);
b
regulation 69(2) (entry, inspection of premises without a warrant);
c
regulation 70(7) (entry of premises under warrant);
d
regulation 77(2) and (6) (power to impose civil penalties: suspension and removal of authorisation);
e
regulation 78(2) and (5) (power to prohibit individuals from managing).
13
The requirement specified in this paragraph is the requirement imposed in regulation 84(1).
SCHEDULE 7Consequential Amendments
PART 1Consequential Amendments to Primary Legislation
Solicitors (Scotland) Act 19801
In section 34 of the Solicitors (Scotland) Act 1980 M34, after subsection (1C), insert—
1D
Rules made under this section may make provision as to the way in which solicitors and incorporated practices are to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
Northern Ireland Act 19982
In Schedule 3 to the Northern Ireland Act 1998 (reserved matters) M35—
a
in paragraph 25, for “the Money Laundering Regulations 2007”M36 substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;
b
omit paragraph 25A.
Financial Services and Markets Act 20003
1
FSMA M37 is amended as follows.
2
In section 226 (complaints: the ombudsman scheme etc) after subsection (7) insert—
7A
The rules must provide that a person within subsection (7B) is eligible in relation to a complaint to which subsection (7C) applies.
7B
A person is within this subsection if he or she has been identified by a respondent, in carrying on an activity to which the rules apply, as—
a
a politically exposed person;
b
a family member of a politically exposed person; or
c
a known close associate of a politically exposed person.
7C
This subsection applies to a complaint—
a
that the complainant has been incorrectly identified as a person within subsection (7B); or
b
relating to an act or omission of the respondent in consequence of the identification of the complainant as a person within subsection (7B).
7D
In subsection (7B), “politically exposed person”, “family member” and “known close associate” have the meanings given in regulation 35(12) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
3
For the heading of Part 20C (as inserted by the Bank of England and Financial Services Act 2016) M38, substitute “Politically exposed persons: money laundering and terrorist financing”.
4
In section 333U (guidance relating to money laundering and politically exposed persons)—
a
in the heading, after “Money laundering” insert “
and terrorist financing
”
; and
b
in subsection (3)—
i
for “Secretary of State” substitute “
Treasury
”
; and
ii
in paragraph (b), after “by the FCA” insert “
or under the ombudsman scheme
”
.
Terrorism Act 20004
1
The Terrorism Act 2000 M39 is amended as follows.
2
In section 21G (other permitted disclosures etc), in subsection (1)(a), for “the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
3
In section 21H(4), for the words from “Directive 2005/60/EC” to “2005” substitute “
Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 M40
”
.
4
Part 1 of Schedule 3A M41 (business in the regulated sector) is amended in accordance with sub-paragraphs (5) to (10).
5
In paragraph 1(1)—
a
in paragraph (b) M42—
i
at the end of sub-paragraph (i), omit “or”;
ii
after sub-paragraph (i), insert—
ia
an undertaking whose only listed activity is as a creditor under an agreement which—
aa
falls within section 12(a) of the Consumer Credit Act 1974 M43 (debtor-creditor-supplier agreements);
bb
provides fixed sum credit (within the meaning given in section 10(1)(b) of the Consumer Credit Act 1974 (running-account credit and fixed-sum credit)) in relation to the provision of services; and
cc
provides financial accommodation by way of deferred payment or payment by instalments over a period not exceeding 12 months; or
b
after paragraph (j) M44, insert—
ja
the carrying on of local audit work within the meaning of Schedule 5 to the Local Audit and Accountability Act 2014 (eligibility and regulation of local auditors) by any firm or individual who is a local auditor within the meaning of section 4(1) of that Act (general requirements for audit);
c
in paragraph (q)—
i
after “involves the” insert “
making or
”
;
ii
for “15,000” substitute “
10,000
”
.
6
In paragraph 1(5)(b), omit “contained in international standards and are”.
7
In paragraph 1(6) M45, at the end of paragraph (c) for “or” substitute “
and
”
.
8
In paragraph 2(1)—
a
in paragraph (c) for “25” substitute “
26
”
;
b
in paragraph (d), at the end, omit “or”;
c
at the end, insert—
g
the carrying on by a local authority (within the meaning given in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001) M46 of an activity which would be a regulated activity for the purposes of the Financial Services and Markets Act 2000 but for article 72G of that Order; or
h
the preparation of a home report, which for these purposes means the documents prescribed for the purposes of sections 98, 99(1) or 101(2) of the Housing (Scotland) Act 2006 M47.
9
In paragraph 2(3)—
a
in paragraph (a), for “£64,000” substitute “£100,000;
b
in paragraph (f), after “(r)” insert “
to (t)
”
.
10
In paragraph 3—
a
in sub-paragraph (1), at the appropriate place insert—
“the Capital Requirements Directive” means Directive 2013/36/EU of the European Parliament and of the Council of 26th June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms M48;
b
in sub-paragraph (3)—
i
after “Capital Requirements Regulation” insert “
, the Capital Requirements Directive
”
;
ii
after “Part as” insert “
in that Regulation or
”
.
11
In Part 2 of Schedule 3A M49 (supervisory authorities), in paragraph 4—
a
in sub-paragraph (1), omit paragraphs (b), (ea) and (f) (but not the “and” after paragraph (f));
b
in sub-paragraph (2)—
i
after paragraph (d), insert—
da
the Chartered Institute of Legal Executives;
ii
omit paragraph (f).
Criminal Justice and Police Act 20015
In the Criminal Justice and Police Act 2001 M50—
a
in section 68(2) (application to Scotland)—
i
in paragraph (g), for “regulation 39(6) of the Money Laundering Regulations 2007”M51 substitute “regulation 70(7) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;
ii
omit paragraph (h);
b
in Part 1 of Schedule 1 (powers of seizure to which section 50 of the 2001 Act applies)—
i
in the heading above paragraph 73J, for “The Money Laundering Regulations 2007” substitute “
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
;
ii
in paragraph 73J, for “regulation 39(6) of the Money Laundering Regulations 2007” substitute “
regulation 70(7) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
;
iii
omit paragraph 73K and the heading above it.
Proceeds of Crime Act 20026
1
The Proceeds of Crime Act 2002 M52 is amended as follows.
2
In section 333D (other permitted disclosures etc), in subsection (1)(a) for “the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
3
In section 333E (interpretation), in subsection (4), for the words from “Directive 2005/60/EC”M53 to “2005” substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 M54”.
4
In Part 1 of Schedule 9 M55 (business in the regulated sector), in paragraph 1(1)—
a
in paragraph (b) M56—
i
for “Capital Requirements Regulation”, in both places, substitute “
Capital Requirements Directive
”
;
ii
at the end of sub-paragraph (i), omit “or”;
iii
after sub-paragraph (i), insert—
ia
an undertaking whose only listed activity is as a creditor under an agreement which—
aa
falls within section 12(a) of the Consumer Credit Act 1974 M57 (debtor-creditor-supplier agreements);
bb
provides fixed sum credit (within the meaning given in section 10(1)(b) of the Consumer Credit Act 1974 (running-account credit and fixed-sum credit)) in relation to the provision of services; and
cc
provides financial accommodation by way of deferred payment or payment by instalments over a period not exceeding 12 months; or
b
after paragraph (j), insert—
ja
the carrying on of local audit work within the meaning of Schedule 5 to the Local Audit and Accountability Act 2014 M58 (eligibility and regulation of local auditors) by any firm or individual who is a local auditor within the meaning of section 4(1) of that Act (general requirements for audit);
c
in paragraph (q)—
i
after “involves the” insert “
making or
”
;
ii
for “15,000” substitute “
10,000
”
.
5
In paragraph 1(5)(b), omit “contained in international standards and are”.
6
In paragraph 1(6) M59, at the end of paragraph (c) for “or” substitute “
and
”
.
7
In paragraph 2—
a
in sub-paragraph (1)(c) for “25” substitute “
26
”
;
b
in sub-paragraph (1)(d), at the end, omit “or”;
c
at the end, insert—
g
the carrying on by a local authority (within the meaning given in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 M60) of an activity which would be a regulated activity for the purposes of the Financial Services and Markets Act 2000 but for article 72G of that Order M61; or
h
the preparation of a home report, which for these purposes means the documents prescribed for the purposes of sections 98, 99(1) or 101(2) of the Housing (Scotland) Act 2006 M62.
d
in sub-paragraph (3)—
i
in paragraph (a), for “£64,000” substitute “£100,000;
ii
in paragraph (f), after “(r)” insert “
to (t)
”
.
8
In paragraph 3—
a
in sub-paragraph (1)—
i
at the appropriate place insert—
“the Capital Requirements Directive” means Directive 2013/36/EU of the European Parliament and of the Council of 26th June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms M63;
ii
at the end of the definition of “the Capital Requirements Regulation insert “
of 26th June 2013 on prudential requirements for credit institutions and investment firms
”
; and
b
in sub-paragraph (3)—
i
for “the Banking Consolidation Directive” substitute “
the Capital Requirements Regulation, the Capital Requirements Directive
”
;
ii
after “Part as”, insert “
in that Regulation or
”
.
9
In Part 2 of Schedule 9 (supervisory authorities), in paragraph 4—
a
in sub-paragraph (1), omit paragraphs (b), (ea) and (f) (but not the “and” after paragraph (f));
b
in sub-paragraph (2)—
i
after paragraph (d), insert—
da
the Chartered Institute of Legal Executives;
ii
omit paragraph (f).
Counter-Terrorism Act 20087
In Schedule 7 to the Counter-Terrorism Act 2008 M64 (terrorist financing and money laundering), for paragraph 45(3), substitute—
3
Unless otherwise defined, expressions used in this Schedule and in Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing have the same meaning as in that Directive.
Borders, Citizenship and Immigration Act 20098
In section 1 (general customs functions of the Secretary of State) of the Borders, Citizenship and Immigration Act 2009 M65, in subsection (2)—
a
in paragraph (d), for “Directive 2005/60/EC on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing”M66 substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing M67”;
b
in paragraph (e), for “Regulation (EC) No 1781/2006 on information on the payer accompanying transfers of funds”M68 substitute “Regulation (EU) 2015/847 of the European Parliament and of the Council of 20th May 2015 on information accompanying transfers of funds”.
Crime and Courts Act 20139
In Schedule 17 (offences in relation to which a deferred prosecution arrangement may be entered into) to the Crime and Courts Act 2013 M69, in paragraph 27, for “regulation 45 of the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute “
regulation 86 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
Finance Act 201410
In Schedule 34 to the Finance Act 2014 M70, in paragraph 6(4)(j) (criminal offences) for “regulation 45(1) of the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute “
regulation 86(1) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
Bank of England and Financial Services Act 201611
In the Bank of England and Financial Services Act 2016—
a
in the italic heading above section 30, after “Money laundering” insert “
and terrorist financing
”
;
b
in section 30 (politically exposed persons: money laundering) M71—
i
in the heading, after “Money laundering” insert “
and terrorist financing
”
; and
ii
in subsection (1) for “Secretary of State” substitute “
Treasury
”
.
PART 2Consequential Amendments to Secondary Legislation
Estate Agents (Undesirable Practices) (No 2) Order 199112
Schedule 3 (other matters) to the Estate Agents (Undesirable Practices) (No 2) Order 1991 M72 is amended as follows—
a
at the beginning of paragraph 2, insert “
Subject to paragraph 2A
”
;
b
after paragraph 2, insert—
2A
Paragraph 2 does not apply if the estate agent does not forward accurate details of the offer because the estate agent is unable to apply the customer due diligence measures required by regulation 28, and where relevant, those required by regulations 33, and 35 to 37 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 in relation to the offeror.
Public Interest Disclosure (Prescribed Persons) Order (Northern Ireland) 199913
In the Schedule (description of persons and matters) to the Public Interest Disclosure (Prescribed Persons) Order (Northern Ireland) 1999 M73—
a
in the entry relating to Her Majesty's Revenue and Customs, in column 2, for “regulation 23(1)(d)(vii) of the Money Laundering Regulations 2007” substitute “
regulation 7(1)(c)(vii) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
;
b
in the appropriate place, insert the following entry—
National Crime Agency
Matters relating to compliance with—
a
the Terrorism Act 2000;
b
the Proceeds of Crime Act 2002; or
c
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
Terrorism Act 2000 (Crown Servants and Regulators) Regulations 200114
In the meaning of “relevant business” in regulation 2 (interpretation) of the Terrorism Act 2000 (Crown Servants and Regulators) Regulations 2001 M74 for “regulation 3(1)(a) to (h) of the Money Laundering Regulations 2007” substitute “
regulation 8(2)(a) to (h) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
Representation of the People (England and Wales) Regulations 200115
In regulation 114(3)(b) in the Representation of the People (England and Wales) Regulations 2001 M75 (sale of full register to credit reference agencies), for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
Representation of the People (Scotland) Regulations 200116
In regulation 113(3)(b) in the Representation of the People (Scotland) Regulations 2001 M76 (sale of full register to credit reference agencies), for “the Money Laundering Regulations 2007” substitute “
Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
Financial Services and Markets Act 2000 (Regulated Activities) Order 200117
In article 72E(9) in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 M77 (Business and Angel-led Enterprise Capital Funds) for “the Money Laundering Regulations 2007”M78 substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”.
Open-Ended Investment Companies Regulations 200118
Regulation 48 (bearer shares) of the Open-Ended Investment Companies Regulations 2001 M79 is amended as follows—
a
the existing text is renumbered as paragraph (1);
b
in that paragraph (1), after “investment company” insert “
authorised before the day on which the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force (“the relevant date”)
”
;
c
after paragraph (1) insert—
2
An open-ended investment company authorised on or after the relevant date may not issue any bearer shares under paragraph (1), and any provision in the instrument of incorporation of such an open-ended investment company purporting to authorise it to do so is void.
3
Paragraph (2) does not apply to an open-ended investment company if—
a
an application for an authorisation order was made in relation to that open-ended investment company before the relevant date; and
b
that application was not determined until a date on or after the relevant date.
Proceeds of Crime Act 2002 (Disclosure of information to and by Lord Advocate and Scottish Ministers) Order 200319
In article 3(d) (disclosure of information by Lord Advocate and by Scottish Ministers) of the Proceeds of Crime Act 2002 (Disclosure of Information to and by Lord Advocate and Scottish Ministers) Order 2003 M80 for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
Proceeds of Crime Act 2002 (Failure to Disclose Money Laundering: Specified Training) Order 200320
In article 2 of the Proceeds of Crime Act 2002 (Failure to Disclose Money Laundering: Specified Training) Order 2003 M81 (training specified), for “regulation 21 of the Money Laundering Regulations 2007” substitute “
regulation 24 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
Legislative and Regulatory Reform (Regulatory Functions) Order 200721
1
Part 1 of the Schedule to the Legislative and Regulatory Reform (Regulatory Functions) Order 2007 M82 is amended as follows.
2
In the reference to “Her Majesty's Revenue and Customs” for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
3
In the reference to a “professional body” for “Schedule 3 to the Money Laundering Regulations 2007” substitute “
Schedule 1 to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
Representation of the People (Northern Ireland) Regulations 200822
In regulation 112(3)(b) of the Representation of the People (Northern Ireland) Regulations 2008 M83 (sale of full register etc to credit reference agencies), for paragraph (i), substitute—
i
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017;
Transfer of Tribunal Functions and Revenue and Customs Appeals Order 200923
In paragraph 2(6) of Schedule 3 (transitional and saving provisions) to the Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 M84, in the definition of “review and appeal provisions”—
a
in paragraph (i) for “regulations 43 and 44 of the Money Laundering Regulations 2007” substitute “
regulations 94 to 100 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
;
b
omit paragraph (j).
Payment Services Regulations 200924
1
The Payment Services Regulations 2009 M85 are amended as follows.
2
In regulation 2(1) (interpretation) M86, in the definition of “the money laundering directive” for “Directive 2005/60/EC of the European Parliament and of the Council of 26th October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing” substitute “
Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing
”
.
3
In regulation 6(7) (conditions for authorisation as a payment institution) for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
4
In regulation 13 (conditions for registration as a small payment institution)—
a
in sub-paragraph (a) of paragraph (4) for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
,
b
in paragraph (6) for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
5
In regulation 25(4)(a) (supervision of firms exercising passport rights) for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
6
In regulation 29 (use of agents)—
a
in sub-paragraph (a)(ii)(aa) of paragraph (3) for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
,
b
in subparagraph (c)(i) of paragraph (6) for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
7
In regulation 119(2) (duty to co-operate and exchange of information) for “regulation 49A of the Money Laundering Regulations 2007” substitute “
regulation 105 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
8
In paragraph 6 of Schedule 2 (information to be included in or with an application for authorisation)—
a
for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
;
b
for “Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15 November 2006 on information on the payer accompanying transfers of funds”M87 substitute “Regulation 2015/847/EU of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds”M88.
9
In paragraph 3(d)(ii) in Part 1 of Schedule 5 M89 (application and modification of the Financial Services and Markets Act 2000) for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
10
In paragraph 10(h) in Part 2 of Schedule 5 M90 (application and modification of secondary legislation) for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
Companies (Disclosure of Address) Regulations 200925
In paragraph 7(b) of Schedule 2 (disclosure to a credit reference agency) of the Companies (Disclosure of Address) Regulations 2009 M91—
a
for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
;
b
for “Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing”M92 substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing”M93.
Overseas Companies Regulations 200926
In paragraph 7(b) of Schedule 2 (disclosure to a credit reference agency) of the Overseas Companies Regulations 2009 M94—
a
for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
;
b
for “Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing” substitute “
Directive 2015/849/EU of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing
”
.
Defence and Security Public Contracts Regulations 201127
In regulation 23(1)(i) of Part 4 (criteria for the rejection of economic operators) to the Defence and Security Public Contracts Regulations 2011 M95, at the end insert “
or of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
Electronic Money Regulations 201128
1
The Electronic Money Regulations 2011 M96 are amended as follows.
2
In regulation 2(1) (interpretation), in the definition of “money laundering directive” for “Directive 2005/60/EC of the European Parliament and of the Council of 26th October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing”M97 substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing”M98.
3
In regulation 6(7) (conditions for authorisation) for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
4
In regulation 13 (conditions for registration) —
a
in subparagraph (a) of paragraph (8) for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
;
b
in paragraph (10) for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
5
In regulation 30(4)(a) (supervision of firms exercising passport rights) for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
6
In regulation 34 (requirement for agents to be registered)—
a
in subparagraph (a)(ii)(aa) in paragraph (3) for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
;
b
in subparagraph (c)(i) in paragraph (6) for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
7
In regulation 71(2) (duty to cooperate and exchange information), in the words before sub-paragraph (a), for “regulation 49A of the Money Laundering Regulations 2007” substitute “
regulation 105 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
8
In paragraph 6 of Schedule 1 (information to be included in or with an application for authorisation)—
a
for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
;
b
for “Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15 November 2006 on information on the payer accompanying transfers of funds”M99 substitute “Regulation 2015/847/EU of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds”M100.
Terrorism Act 2000 and Proceeds of Crime Act 2002 (Business in the Regulated Sector) (No 2) Order 201229
1
Regulation 4 (review) of the Terrorism Act 2000 and Proceeds of Crime Act 2002 (Business in the Regulated Sector) (No 2) Order 2012 M101 is amended as follows.
2
In paragraph (2) for “Directive 2005/60/EC of the European Parliament and of the Council on the protection of the use of the financial system for the purpose of money laundering and terrorist financing” substitute “
Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing
”
M102
.
3
In paragraph (4) for “the end of the period of five years beginning with the day on which this Order comes into force” substitute “
26th June 2022
”
.
Payment to Treasury of Penalties (Enforcement Costs) Order 201330
In regulation 2(1)(d) (enforcement of powers) of the Payment to Treasury of Penalties (Enforcement Costs) Order 2013 M103 for “regulation 42 of the Money Laundering Regulations 2007” substitute “
regulation 76 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
Public Interest Disclosure (Prescribed Persons) Order 201431
In the Schedule (description of persons and matters) to the Public Interest Disclosure (Prescribed Persons) Order 2014 M104, in the entry relating to the National Crime Agency, for the words in the second column substitute—
Matters relating to—
a
corrupt individuals or companies offering or receiving bribes to secure a benefit for themselves or others;
b
compliance with—
i
the Terrorism Act 2000;
ii
the Proceeds of Crime Act 2002; or
iii
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
Companies (Disclosure of Date of Birth Information) Regulations 201532
In paragraph 7(b) of Schedule 2 (disclosure to a credit reference agency) to the Companies (Disclosure of Date of Birth Information) Regulations 2015 M105—
a
for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
;
b
for “Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing”M106 substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing”.
Payment Accounts Regulations 201533
In regulation 25(1)(b) of Part 4 (refusal of application) in the Payment Accounts Regulation 2015 M107 for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.
Register of People with Significant Control Regulations 201634
In paragraph 8(b) of Schedule 4 (disclosure to a credit reference agency) of the Register of People with Significant Control Regulations 2016 M108—
a
in paragraph (i) for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
;
b
in paragraph (iii) for “Directive 2005/60/EC of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing” substitute “
Directive 2015/849/EU of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing
”
.
Economic Growth (Regulatory Functions) Order 201735
In Part 1 of the Schedule to the Economic Growth (Regulatory Functions) Order 2017 M109, in the entry for Her Majesty's Revenue and Customs, for “the Money Laundering Regulations 2007” substitute “
the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
”
.