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S T A T U T O R Y I N S T R U M E N T S
2017 No.
FINANCIAL SERVICES
The Money Laundering, Terrorist Financing and Transfer of
Funds (Information on the Payer) Regulations 2017
Made - - - - 00 00 2017
Laid before Parliament 00 00 2017
Coming into force - - 26th June 2017
CONTENTS
PART 1
Introduction
1. Citation and commencement 5
2. Prescribed regulations 5
3. General interpretation 6
4. Meaning of business relationship 10
5. Meaning of beneficial owner: bodies corporate or partnership 10
6. Meaning of beneficial owner: trusts and similar arrangements 11
7. Supervisory authorities 12
PART 2
Money laundering and Terrorist Financing
CHAPTER 1
Application
8. Application 13
9. Carrying on business in the United Kingdom 14
10. Credit institutions and financial institutions 14
11. Auditors and others 16
12. Independent legal professionals and trust or company service providers 16
13. Estate agents 17
14. High value dealers, casinos and auction platforms 17
15. Exclusions 17
CHAPTER 2
Risk Assessment and Controls
16. Risk assessment by the Treasury and Home Office 19
17. Risk assessment by supervisory authorities 20
18. Risk assessment by relevant persons 21
19. Policies, controls and procedures 21
20. Policies, controls and procedures: group level 22
21. Internal controls 23
22. Central contact points: electronic money issuers and payment service providers 25
23. Requirement on authorised person to inform the FCA 25
24. Training 25
25. Supervisory action 26
CHAPTER 3
Ownership and Management Restrictions
26. Prohibitions 27
PART 3
Customer Due Diligence
CHAPTER 1
Customer due diligence: general
27. Customer due diligence 28
28. Customer due diligence measures 29
29. Additional customer due diligence measures: credit institutions and financial
institutions 31
30. Timing of verification 31
31. Requirement to cease transactions etc 32
32. Exception for trustees of debt issues 33
CHAPTER 2
Enhanced customer due diligence
33. Obligation to apply enhanced due diligence 33
34. Enhanced due diligence: credit institutions, financial institutions and correspondent
relationships 35
35. Enhanced due diligence: politically exposed persons 36
CHAPTER 3
Simplified due diligence
36. Application of simplified due diligence 39
37. Electronic money 40
PART 4
Reliance and record keeping
38. Reliance 41
39. Record-keeping 42
40. Data Protection 43
PART 5
Beneficial Ownership Information
41. Application of this Part 44
42. Corporate bodies: obligations 45
43. Trustee obligations 45
44. Register of beneficial ownership 46
2
PART 6
Money Laundering and Terrorist Financing: Supervision and Registration
CHAPTER 1
Duties of Supervisory Authorities
45. Duties of supervisory authorities 48
46. Duties of supervisory authorities: information 49
47. Duties of the FCA: guidance on politically exposed persons 49
48. Duties of self-regulatory organisations 50
49. Duty to co-operate 51
50. Regulatory Information 51
51. Disclosure by supervisory authorities 51
CHAPTER 2
Registration
52. Interpretation 52
53. Duty to maintain registers of certain relevant persons 52
54. Power to maintain registers 53
55. Requirement to be registered 53
56. Applications for registration in a register maintained under regulation 53 or 54 54
57. Fit and proper test 55
58. Determination of applications under regulations 53 and 54 56
59. Cancellation and suspension of registration in a register maintained under
regulation 53 or 54 57
PART 7
Transfer of Funds (Information on the Payer) Regulations
60. Interpretation 58
61. Supervisory authorities 58
62. Duties of supervisory authorities 59
63. Assisting the authorities 59
PART 8
Information and Investigation
64. Interpretation 59
65. Power to require information 60
66. Requests in support of other authorities 60
67. Requests to other authorities 61
68. Entry, inspection without a warrant etc 61
69. Entry of premises under warrant 62
70. Retention of documents taken under regulation 65 or 69 64
71. Provision of information and warrants: safeguards 65
72. Admissibility of Statements 65
PART 9
Enforcement
CHAPTER 1
General
73. Meaning of “relevant requirement” 66
3
CHAPTER 2
Civil Penalties and Notices
74. Power to impose civil penalties: fines and statements 66
75. Power to impose civil penalties: suspension and removal of authorisation 67
76. Power to prohibit individuals from managing 68
77. Injunctions 68
78. The FCA: disciplinary measures (procedure) 69
79. The FCA: procedure (general) 70
80. The Commissioners: disciplinary procedures (procedure) 71
81. Publication: the FCA 71
82. Publication: the Commissioners 72
CHAPTER 3
Criminal offences, penalties and proceedings etc.
83. Criminal offence 73
84. Offences of prejudicing investigations 73
85. Disclosure offences 74
86. Proceedings: general 75
87. Proceedings: jurisdiction 75
88. Proceedings: partnership or unincorporated association 76
89. Offence by bodies corporate, partnership or unincorporated association 76
PART 10
Appeals
CHAPTER 1
Decisions of the FCA
90. Appeals against decisions of the FCA 77
CHAPTER 2
Decisions of the Commissioners
91. Offer of review 78
92. Review by the Commissioners 78
93. Extensions of time 78
94. Review out of time 78
95. Nature of review etc 79
96. Appeals against decisions of the Commissioners 79
97. Appeals against decision of the Commissioners: procedure 80
PART 11
Miscellaneous Provisions
98. Recovery of charges and penalties through the court 80
99. Costs of supervision 80
100. Obligations on public authorities 81
101. Suspicious activity reports 82
102. Disclosure by the Commissioners 83
103. General restrictions 83
104. Transfers between the United Kingdom and the Channel Islands and the Isle of
Man 83
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