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 2F44Listed Activities
The activities F45... 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.
F484
Payment services as defined in regulation 2(1) of the Payment Services Regulations 2017F49, other than an account information service (within the meaning of that term in regulation 2(1) of those Regulations).
5
Issuing and administering other means of payment (e.g. travellers' cheques and bankers' drafts) F46....
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 M1.
2
An offence under section 89 of the Criminal Justice Act 1967 (false written statements tendered in evidence) M2.
3
An offence under section 20BB of the Taxes Management Act 1970 (falsification of documents) M3.
4
An offence under section 11 of the European Communities Act 1972 (EU offences) M4.
5
An offence under Article 10 of the Perjury (Northern Ireland) Order 1979 (false statutory declarations and other false unsworn statements) M5.
6
An offence under the Customs and Excise Management Act 1979 M6.
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 M7.
8
An offence under any of sections 1 to 5 of the Forgery and Counterfeiting Act 1981 M8 (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) M9.
10
An offence under section 11(1) (undischarged bankrupts) or 13 (criminal penalties) of the Company Directors Disqualification Act 1986 M10.
11
An offence under section 1, 2, 3, 3ZA or 3A of the Computer Misuse Act 1990 M11 (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 M12.
13
An offence under section 52 of the Criminal Justice Act 1993 M13 (the offence of insider dealing).
14
An offence under the Value Added Tax Act 1994 M14.
15
An offence under section 44(2) of the Criminal Law (Consolidation) (Scotland) Act 1995 (false statement and declarations) M15.
16
An offence under the Data Protection Act 1998 M16.
17
An offence under the Terrorism Act 2000 M17.
18
An offence under paragraph 7(2) or (3) of Schedule 3 to the Anti-Terrorism, Crime and Security Act 2001 M18 (offences).
19
20
An offence under section 35 of the Tax Credits Act 2002 M22 (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 M23.
22
An offence under the Commissioners for Revenue and Customs Act 2005 M24.
23
An offence under the Terrorism Act 2006 M25.
24
An offence under section 1, 2, 6 or 7 of the Bribery Act 2010 M26 (bribery).
25
An offence under section 45 of the Serious Crime Act 2015 M27 (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 M28.
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 M29.
F127A
An offence under the Data Protection Act 2018, apart from an offence under section 173 of that Act.
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) M30); or
iii
as regards the United Kingdom.
F52SCHEDULE 3AZAMaterial Discrepancies
Sch. 3AZA inserted (1.4.2023) by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(4), 9(j)
A material discrepancy in this Schedule may arise, as the case may be, in relation to information about a beneficial owner within the meaning of regulation 3 of these Regulations (including about a person of significant control within the meaning of Part 21A of the Companies Act 2006) and in relation to information about a registrable beneficial owner within the meaning of Part 3 of Schedule 1 to the Economic Crime (Transparency and Enforcement) Act 2022.
1
A material discrepancy in this Schedule is one which satisfies the condition in paragraph 2, including one which is in a form listed in paragraph 3.
2
The condition in this paragraph is that the discrepancy, by its nature, and having regard to all the circumstances, may reasonably be considered—
a
to be linked to money laundering or terrorist financing; or
b
to conceal details of the business of the customer.
3
Discrepancies listed in this paragraph are in the form of—
a
a difference in name;
b
an incorrect entry for nature of control;
c
an incorrect entry for date of birth;
d
an incorrect entry for nationality;
e
an incorrect entry for correspondence address;
f
a missing entry for a person of significant control or a registrable beneficial owner;
g
an incorrect entry for the date the individual became a registrable person.
F54SCHEDULE 3ZAHigh-Risk Third Countries
Sch. 3ZA omitted (23.1.2024) by virtue of The Money Laundering and Terrorist Financing (High-Risk Countries) (Amendment) Regulations 2024 (S.I. 2024/69), regs. 1(2), 2(3)
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F542
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F543
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F544
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F545
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F546
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F547
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F548
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F549
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F5414
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F5420
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F5421
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F5422
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F5423
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F5424
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F5425
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F5426
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F9SCHEDULE 3AExcluded Trusts
Sch. 3A inserted (6.10.2020) by The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/991), regs. 1(2), 11
Legislative Trusts1
A trust imposed or required by an enactment.
Trusts imposed by court order2
A trust created by, or in order to satisfy the terms of, an order of a court or tribunal.
Pension scheme trusts3
A trust holding sums or assets of a pension scheme which is a registered pension scheme for the purposes of Part 4 of the Finance Act 2004.
Trusts of insurance policiesF164
1
A trust of a life policy paying out only—
a
on the death, terminal or critical illness, or permanent or temporary disablement of the person assured; or
b
to meet the cost of healthcare services provided to the person assured.
2
A trust of an insurance policy paying out only—
a
on the temporary disablement of the person assured, where that policy was applied for at the same time as a policy under sub-paragraph (1); or
b
to meet the cost of healthcare services provided to the person assured.
3
A trust of the benefits payable on the death of the person assured under a retirement policy.
Charitable trusts5
A trust for charitable purposes which—
a
in Scotland or Northern Ireland, is registered as a charity; or
b
in England and Wales, is registered as a charity or not required to register by virtue of section 30(2)(a) to (d) of the Charities Act 2011.
Pilot trusts6
A trust which—
a
holds property with a value not exceeding £100, and
b
was created before the date on which regulation 42(2)(iii) of these Regulations comes into force.
F15Bank accounts for minors etc6A
1
A trust which is created as a requirement of opening a relevant account for the sole benefit of—
a
a person under the age of 18;
b
a person who lacks capacity within the meaning of section 2 of the Mental Capacity Act 2005;
c
a person who is incapable within the meaning of section 1 of the Adults with Incapacity (Scotland) Act 2000; or
d
a person who is incapable of managing and administering the person’s property and affairs, by reason of mental disorder within the meaning of Article 3(1) of the Mental Health (Northern Ireland) Order 1986.
2
In this paragraph—
“relevant account” means an account, consisting only of a sum of money, held with an authorised Part 4A person carrying on by way of business the activity specified in article 5 (accepting deposits) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
“authorised Part 4A person” means an authorised person who has a Part 4A permission, within the meaning given to that term in section 55A(5) of FSMA, to carry on that specified activity.
Trusts having effect on death
7
1
A trust effected by will where—
a
the trust is holding only the property comprised in a person’s estate on death, and
b
less than two years has passed since that person’s death.
2
In this paragraph, a person’s “estate” means the aggregate of all the property to which that person is beneficially entitled.
8
A trust where—
a
the trust is holding only benefits received on the death of the person assured under a policy within paragraph 4, and
b
less than two years has passed since that person’s death.
Co-ownership9
A trust of jointly held property where the trustees and the beneficiaries are the same persons.
Financial markets infrastructure10
1
A trust—
a
created under, or for the purpose of, the default arrangements of a designated system or of the default rules of a recognised body, or for the purpose of any action or proceedings taken by or for such a system or body under such arrangements or rules;
b
relating to the creation of a beneficial interest in securities belonging to a person whose name and address are maintained on a register of securities (within the meaning of regulation 3(1) of the Uncertificated Securities Regulations 2001); or
c
created by or for a segregating entity—
i
for the purpose of protecting sums or assets belonging to the segregating entity’s clients; or
ii
for the purpose of complying with a legal obligation to safeguard and segregate sums or assets belonging to the segregating entity’s clients or to keep separate client records and accounts.
2
In this paragraph—
“clearing member” and “default rules” have the meanings given, respectively, in sections 190(1) and 188 of the Companies Act 1989;
“default arrangements”, “designated system” and “participant” have the meanings given in regulation 2(1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999;
“recognised body” and “recognised central counterparty” have the meanings given in section 313 of FSMA;
“segregating entity” means—
- a
an authorised person;
- b
a clearing member of a recognised central counterparty;
- c
a participant in a designated system;
- d
a designated system; or
- e
a recognised body.
- a
Professional services11
A trust created for the purpose of enabling or facilitating the holding of sums, assets or (in the case of sub-paragraph (c)), documents, belonging to a person other than the trustee, in connection with which sums, assets or documents the trustee is—
a
carrying on by way of business the activity specified in article 40 (safeguarding and administering investments) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
b
acting by way of business as the trustee of an authorised unit trust scheme (and for this purpose “trustee” and “authorised unit trust scheme” have the meanings given in section 237 of FSMA); or
c
acting by way of business as an agent holding sums, assets or documents in escrow until the performance of a contractual condition agreed between two or more other persons, including the person for whom the sums, assets or documents are being held.
Client money etc.12
A trust created by a relevant supervised person for the purpose of holding client money, securities or other assets, where that trust is incidental to the carrying on of business by the relevant supervised person.
Capital markets etc.13
A trust created for the purpose of enabling or facilitating an activity listed in points 2, 3, 6, 7 or 8 of F43... Schedule 2, or for protecting or enforcing rights relating to that activity, where—
a
one or more of the participants in that activity is a relevant supervised person, and
b
the use of the trust is incidental to the principal purpose of that activity.
Commercial transactions14
A trust created for the purpose of—
a
enabling or facilitating a transaction effected for genuine commercial reasons; or
b
protecting or enforcing rights relating to such a transaction,
where the use of the trust is incidental to the principal purpose of the transaction.
Registration of assets15
A trust created on the transfer or disposal of an asset where the purpose of the trust is to hold the legal title to the asset on trust for the person to whom the transfer or disposal is being made until the time when the procedure required by law to effect the transfer or disposal of legal title is completed.
Trusts meeting legislative requirements
16
A trust holding property to which section 71A or 71D of the Inheritance Tax Act 1984 applies.
17
A trust of property in respect of which a direction under paragraph 1 of Schedule 4 to the Inheritance Tax Act 1984 has effect.
18
A trust of funds derived from a payment—
a
made for the benefit of a person in consequence of a personal injury to that person, and
b
disregarded from capital under regulation 46(2) of, and paragraph 12 of Schedule 10 to, the Income Support (General) Regulations 1987.
19
A trust holding tenants’ contributions for the purposes of section 42 of the Landlord and Tenant Act 1987.
20
The plan trust of a share incentive plan which meets the requirements of Part 9 of Schedule 2 to the Income Tax (Earnings and Pensions) Act 2003.
21
A trust created under a share option scheme that meets the requirements of Parts 2 to 7 of Schedule 3 to the Income Tax (Earnings and Pensions) Act 2003.
22
A trust holding property for a beneficiary who is a disabled person within the meaning given by Schedule 1A to the Finance Act 2005.
Public authorities23
A trust created for the purposes of enabling or assisting—
a
a public authority, within the meaning of section 3(1) of the Freedom of Information Act 2000, or a body specified in section 80(2) of that Act;
b
a Scottish public authority, within the meaning of section 3(1) of the Freedom of Information (Scotland) Act 2002;
c
the Security Service, the Secret Intelligence Service, the Government Communications Headquarters or the National Crime Agency; or
d
the Welsh Assembly Government,
to carry out its functions, including any functions as a court or tribunal and, in the case of the Bank of England, any of its functions as a monetary authority within the meaning of section 244(2)(c) of the Banking Act 2009.
Interpretation24
In this Schedule, “relevant supervised person” means—
a
a relevant person; or
b
a person who is subject to requirements in national legislation having an equivalent effect to those laid down in the fourth money laundering directive on an obliged entity (within the meaning of that directive) and supervised for compliance with those requirements in a manner equivalent to section 2 of Chapter VI of the fourth money laundering directive.
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.
F412A
The number of contraventions of these Regulations identified upon exercise of the powers under Part 8.
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).
F4715A
A copy of any suspicious activity disclosure (within the meaning given in regulation 104(4)) the supervisory authority or any of its supervised persons has made to the NCA.
16
The number of supervised persons who have contravened requirements imposed by or under—
a
Part 3 of the Terrorism Act 2000 (terrorist property) M31, or
b
Part 7 (money laundering) or 8 (investigations) of the Proceeds of Crime Act 2002 M32.
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.
F319
The amount of human resource allocated by the supervisory authority to supervising the countering of money laundering and terrorist financing.
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 F13regulation 17 of the UK auctioning regulations;
ii
the monitoring and record keeping requirements of F14regulation 37 of the UK auctioning regulations; 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);
F50ia
regulation 18A (risk assessment by relevant persons in relation to proliferation financing);
ii
regulation 19 (policies, controls and procedures);
F51iia
regulation 19A (policies, controls and procedures in relation to proliferation financing);
iii
regulation 20 (policies, controls and procedures: group level);
iv
regulation 21 (internal controls);
F12v
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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);
F5da
regulation 30A (requirement to report discrepancies in registers);
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) F10, (9) and (10A) to (10I) (register of beneficial ownership);
F11d
regulation 45ZA(3) to (7) (register of beneficial ownership: additional types of trust).
F89A
The requirements specified in this paragraph are those imposed in regulation 45B (duty to respond to requests for information) and 45G(1) and (3) (record keeping).
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);
F6c
regulation 60A (disclosure by cryptoasset businesses).
11
The requirements specified in this paragraph are those imposed in regulation 64(2) (obligations of payment service providers);
F5311A
The requirements specified in this paragraph are those imposed in—
a
regulation 64C (information accompanying an inter-cryptoasset business transfer);
b
regulation 64D (missing or non-corresponding information: the cryptoasset business of a beneficiary);
c
regulation 64E (missing information: intermediaries);
d
regulation 64F (retention of information with an inter-cryptoasset business transfer: intermediaries);
e
regulation 64G (requesting information: unhosted wallet transfers and cryptoasset businesses);
f
regulation 64H (provision of information).
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);
F7ca
regulation 74A (reporting requirements: cryptoasset businesses);
cb
regulation 74B (report by a skilled person: cryptoasset businesses);
cc
regulation 74C (directions: cryptoasset businesses);
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).
F2SCHEDULE 6AThe United Kingdom’s Financial Intelligence Unit
Sch. 6A inserted (10.1.2020) by The Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (S.I. 2019/1511), regs. 1(2), 13
Interpretation1
In this Schedule
“external request” means a request to the NCA for information by a foreign FIU which may be relevant for the purpose of the foreign FIU’s performance of FIU functions;
“FIU functions” means the functions of a financial intelligence unit as set out in the fourth money laundering directive;
“foreign competent authority” means an authority in an EEA state other than the United Kingdom which has equivalent functions to those of a United Kingdom competent authority to which a foreign FIU may provide information in connection with its performance of FIU functions;
“foreign FIU” means an authority in an EEA state other than the United Kingdom which performs FIU functions in that state;
“relevant information” means information the NCA possesses in connection with its performance of FIU functions which it considers relevant to an external request;
“the 2000 Act” means the Terrorism Act 2000 M109;
“the 2002 Act” means the Proceeds of Crime Act 2002 M110;
“United Kingdom competent authority” means any authority other than the NCA concerned in the prevention, investigation, detection or prosecution of criminal offences contained in Part 7 (money laundering) of the 2002 Act or Part 3 (terrorist property) of the 2000 Act, and any supervisory authority, to which the NCA disseminates information in its performance of FIU functions.
Reports to the National Crime Agency2
Where the NCA has, in its performance of FIU functions, disseminated any information to a United Kingdom competent authority, that authority must, upon request, provide a report to the NCA about the authority’s use of that information, including the outcome of any investigations or inspections conducted on the basis of that information.
Co-operation3
The NCA must take such steps as it considers appropriate to co-operate with foreign FIUs in their performance of FIU functions.
Provision of information in response to external requests
4
In response to an external request, the NCA must (subject to paragraph 10) provide promptly any relevant information in the NCA’s possession.
5
Where an external request is received and the NCA does not possess information which the NCA considers relevant to the external request, and it suspects a relevant person possesses such information, the NCA—
a
b
must (subject to paragraph 10) provide any relevant information received in consequence of any such order promptly to the foreign FIU concerned.
6
The NCA must designate at least one point of contact with responsibility for receiving external requests.
7
Where the NCA has provided relevant information to a foreign FIU, and that foreign FIU makes a request for consent to disseminate some or all of the relevant information to a foreign competent authority, the NCA must (subject to paragraph 11) consent to the dissemination of as much of the requested information as possible and communicate its consent promptly to the foreign FIU.
8
Where the NCA provides relevant information in response to an external request in accordance with this Schedule, the NCA shall take such steps as it considers appropriate to ensure that such information is transmitted securely.
Conditions and restrictions on provision or further dissemination of relevant information
9
The NCA may impose such restrictions and conditions on the use of relevant information provided in response to an external request as the NCA considers appropriate.
10
Where an obligation arises under this Schedule for the NCA to provide relevant information in response to an external request, the NCA may decide not to provide some or all of the information where and to the extent that the NCA considers that doing so could be contrary to national law.
11
The NCA is not required to comply with the duty to give consent to the dissemination of information to a foreign competent authority under paragraph 7 if and to the extent that the NCA considers that the giving of such consent could—
a
b
be contrary to national law.
12
The NCA must have particular regard—
a
where making a decision under paragraph 10, to the need for as unfettered an exchange of relevant information in response to external requests as possible, or
b
where making a decision under paragraph 11, to the need for as unfettered dissemination of information as possible by a foreign FIU to foreign competent authorities,
in order for the foreign FIU concerned to carry out FIU functions efficiently and effectively.
Requests for information by the NCA to foreign FIUs
13
Paragraphs 14 and 15 apply where the NCA wishes to obtain information concerning a relevant person which has its head office in an EEA state other than the United Kingdom.
14
The NCA must address a request for the information to the foreign FIU in the state in which the relevant person has its head office.
15
Where the NCA makes a request to a foreign FIU for information which the NCA considers may be relevant for its performance of FIU functions, the request must contain the relevant facts and background information, reasons for the request and how the information sought is proposed to be used.
Conditions and restrictions on use of information received by the NCA from foreign FIUs16
Where the NCA receives information from a foreign FIU, the NCA must—
a
use the information only for the purpose for which it was sought or provided, unless it has obtained the prior consent of the foreign FIU to any other use of the information;
b
comply with any restrictions or conditions of use which have been imposed by the foreign FIU in respect of the information; and
c
obtain the prior consent of the foreign FIU to any further dissemination of the information.
F17SCHEDULE 6BChanges in Control of Registered Cryptoasset Businesses
Sch. 6B inserted (11.8.2022) by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(2)(c), 12(4)
Modifications: Control over registered cryptoasset exchange providers and registered custodian wallet providers1
With respect to an acquisition of or an increase in control over a cryptoasset business, Part 12 of FSMA (control over authorised persons)F18 applies with the following modifications—
a
references to a “UK authorised person” are to be read as references to a registered cryptoasset exchange provider or registered custodian wallet provider to which Part 12 of FSMA does not otherwise apply;
b
references to “appropriate regulator” and “each regulator” are to be read as references to the FCA;
c
section 178 (obligation to notify the appropriate regulator: acquisitions of control)F19 is to be read as if—
i
subsection (2ZA) were omitted;
ii
subsection (2A) were omitted;
d
section 181 (acquiring control)F20 is to be read as if—
i
for the heading there were substituted “Acquiring or increasing control”
;
ii
for subsections (1) and (2) there were substituted—
For the purposes of this Part, a person (“A”) acquires or increases control over a UK authorised person (“B”) or a parent undertaking of B (“P”) if A would become a beneficial owner of B or P within the meaning of regulations 5 or 6 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 if the acquisition were to proceed.
e
section 182 (increasing control)F21 and section 183 (reducing or ceasing to have control) are to be disregarded;
f
section 184 (disregarded holdings)F22 is to be read as if—
i
in subsection (1), for “For the purposes of sections 181 to 183” there were substituted “For the purposes of section 181”
;
ii
subsections (4) to (10) were omitted;
g
section 185 (assessment: general)F23 is to be read as if—
i
in subsection (2)(a), “and the financial soundness of the acquisition” were omitted;
ii
in subsection (3)(a), for “matters” there were substituted “matter”
;
h
section 186 (assessment criteria)F24 is to be read as if it said—
Assessment criteria186
The matter specified in section 185(3)(a) is whether the section 178 notice-giver is a fit and proper person within the meaning of regulation 58AF25 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (fit and proper test: cryptoasset businesses).
i
section 187 (approval with conditions)F26 is to be read as if subsection (2)(b) were omitted;
j
section 187A (assessment: consultation by PRA with FCA)F27 is to be disregarded;
k
section 187B (assessment: consultation by FCA with PRA)F28 is to be disregarded;
l
section 187C (variation etc of conditions)F29 is to be disregarded;
m
section 189 (assessment: procedure)F30 is to be read as if—
i
subsections (1A), (1ZB) and (1B) were omitted;
ii
in subsection (6), “Unless section 190A applies” were omitted;
n
section 190 (requests for further information)F31 is to be read as if subsections (1A) and (4)(b) were omitted;
o
section 190A (assessment and resolution)F32 is to be disregarded;
p
section 191A (objection by the appropriate regulator)F33 is to be read as if—
i
in subsection (2)(c), for “matters in” there were substituted “matter specified in”
;
ii
subsection (4A) were omitted;
iii
after subsection (7) there were inserted—
8
A person (“A”) acquires or increases control for the purposes of this section if it acquires or increases control over a UK authorised person (“B”) or a parent undertaking of B (“P”) by becoming a beneficial owner of B or P within the meaning of regulations 5 or 6 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017F34.
q
section 191B (restriction notices)F35 is to be read as if—
i
in subsection (2)(a), after “voting power” there were inserted “or otherwise being a beneficial owner (within the meaning of regulations 5 or 6 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017) of the UK authorised person (“B”) or a parent undertaking of B”
;
ii
in subsection (2)(b), “in relation to the shares or voting power,” were omitted;
iii
subsection (2A) were omitted;
iv
after subsection (3) there were inserted—
3ZA
In a restriction notice, the appropriate regulator may direct that, in respect of a beneficial owner of a UK authorised person (“B”) or a parent undertaking of B, until further notice, no influence over the management or activities of B is to be exercisable by the beneficial owner.
v
subsection (3A) were omitted;
vi
in subsection (6)(b), after “held in” there were inserted “, or beneficial ownership of,”
;
r
section 191C (orders for sale of shares)F36 is to be read as if subsections (2A), (7) and (8) were omitted;
s
section 191D (obligation to notify the appropriate regulator: dispositions of control)F37 is to be read as if—
i
subsection (1A) were omitted;
ii
after subsection (2) there were inserted—
3
For the purposes of this section, a person (“A”) reduces or ceases to have control over a UK authorised person (“B”) or a parent undertaking of B (“P”) if A would cease to be a beneficial owner of B or P within the meaning of regulations 5 or 6 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 if the disposition were to proceed.
t
section 191F (offences under this Part)F38 is to be read as if—
i
in subsection (2), “or section 190A applies” were omitted;
ii
subsection (4A) were omitted;
iii
for subsections (8) and (9) there were substituted—
8
A person guilty of an offence under subsection (1) to (3) or (5) to (7) is liable—
a
on summary conviction—
i
in England and Wales, to a fine;
ii
in Scotland or Northern Ireland, to a fine not exceeding the statutory maximum;
b
on conviction on indictment, to a fine.
9
A person guilty of an offence under subsection (4) is liable—
a
on summary conviction—
i
in England and Wales, to a fine;
ii
in Scotland or Northern Ireland, to a fine not exceeding the statutory maximum;
b
on conviction on indictment, to imprisonment for a term not exceeding two years or a fine, or both.
iv
after subsection (9) there were inserted—
10
A person is not guilty of an offence under this section if that person took all reasonable steps and exercised all due diligence to avoid committing the offence.
u
section 191G (interpretation)F39 is to be read as if the definitions of “the appropriate regulator”, “qualifying credit institution” and “UK authorised person” were omitted.
Interpretation2
In this Schedule—
“cryptoasset business” means a cryptoasset exchange provider or a custodian wallet provider;
“cryptoasset exchange provider” has the meaning given by regulation 14A(1)F40;
“custodian wallet provider” has the meaning given by regulation 14A(2);
“parent undertaking” has the meaning given by section 420 of the Financial Services and Markets Act 2000F41
“registered cryptoasset exchange provider” means a cryptoasset exchange provider which is included in the register maintained by the FCA under regulation 54(1A) (duty to maintain registers of certain relevant persons)F42;
“registered custodian wallet provider” means a custodian wallet provider which is included in the register maintained by the FCA under regulation 54(1A).
SCHEDULE 7Consequential Amendments
PART 1Consequential Amendments to Primary Legislation
Solicitors (Scotland) Act 19801
In section 34 of the Solicitors (Scotland) Act 1980 M33, 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) M34—
a
in paragraph 25, for “the Money Laundering Regulations 2007”M35 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 M36 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) M37, 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 M38 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 M39
”
.
4
Part 1 of Schedule 3A M40 (business in the regulated sector) is amended in accordance with sub-paragraphs (5) to (10).
5
In paragraph 1(1)—
a
in paragraph (b) M41—
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 M42 (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) M43, 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) M44, 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) M45 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 M46.
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 M47;
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 M48 (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 M49—
a
in section 68(2) (application to Scotland)—
i
in paragraph (g), for “regulation 39(6) of the Money Laundering Regulations 2007”M50 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 M51 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”M52 to “2005” substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 M53”.
4
In Part 1 of Schedule 9 M54 (business in the regulated sector), in paragraph 1(1)—
a
in paragraph (b) M55—
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 M56 (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 M57 (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) M58, 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 M59) 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 M60; 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 M61.
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 M62;
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 M63 (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 M64, 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”M65 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 M66”;
b
in paragraph (e), for “Regulation (EC) No 1781/2006 on information on the payer accompanying transfers of funds”M67 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 M68, 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 M69, 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) M70—
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 M71 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 M72—
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 M73 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 M74 (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 M75 (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 M76 (Business and Angel-led Enterprise Capital Funds) for “the Money Laundering Regulations 2007”M77 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 M78 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 M79 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 M80 (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 M81 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 M82 (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 M83, 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 M84 are amended as follows.
2
In regulation 2(1) (interpretation) M85, 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”M86 substitute “Regulation 2015/847/EU of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds”M87.
9
In paragraph 3(d)(ii) in Part 1 of Schedule 5 M88 (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 M89 (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 M90—
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”M91 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”M92.
Overseas Companies Regulations 200926
In paragraph 7(b) of Schedule 2 (disclosure to a credit reference agency) of the Overseas Companies Regulations 2009 M93—
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 M94, 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 M95 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”M96 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”M97.
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”M98 substitute “Regulation 2015/847/EU of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds”M99.
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 M100 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
”
M101
.
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 M102 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 M103, 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 M104—
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”M105 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 M106 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 M107—
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 M108, 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
”
.
Sch. 2 heading substituted (17.8.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2022 (S.I. 2022/838), regs. 1(2), 12(4)(a) (with regs. 24-26)