Table of Contents
Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 [SI 2017 No. 692] (MLRs 2017)Introductory TextPart 1 Introduction (regs. 1-7)Regulation 1 Citation and commencementRegulation 2 Prescribed regulationsRegulation 3 General interpretationRegulation 4 Meaning of business relationshipRegulation 5 Meaning of beneficial owner: bodies corporate or partnershipRegulation 6 Meaning of beneficial owner: trusts, similar arrangements and othersRegulation 7 Supervisory authoritiesPart 2 Money Laundering and Terrorist Financing (regs. 8-26)Chapter 1 Application (regs. 8-15)Regulation 8 ApplicationRegulation 9 Carrying on business in the United KingdomRegulation 10 Credit institutions and financial institutionsRegulation 11 Auditors and othersRegulation 12 Independent legal professionals and trust or company service providersRegulation 13 Estate agents and letting agentsRegulation 14 High value dealers, casinos, auction platforms and art market participantsRegulation 14A Cryptoasset exchange providers and custodian wallet providersRegulation 15 ExclusionsChapter 2 Risk assessment and controls (regs. 16-25)Regulation 16 Risk assessment by the Treasury and Home OfficeRegulation 16A Risk assessment by the TreasuryRegulation 17 Risk assessment by supervisory authoritiesRegulation 18 Risk assessment by relevant personsRegulation 18A Risk assessment by relevant persons in relation to proliferation financingRegulation 19 Policies, controls and proceduresRegulation 19A Policies, controls and procedures in relation to proliferation financingRegulation 20 Policies, controls and procedures: group levelRegulation 21 Internal controlsRegulation 22 Central contact points: electronic money issuers and payment service providersRegulation 23 Requirement on authorised person to inform the FCARegulation 24 TrainingRegulation 25 Supervisory actionChapter 3 Ownership and Management Restrictions (reg. 26)Regulation 26 Prohibitions and approvalsPart 3 Customer Due Diligence (regs. 27-38)Chapter 1 Customer due diligence: general (regs. 27-32)Regulation 27 Customer due diligenceRegulation 28 Customer due diligence measuresRegulation 29 Additional customer due diligence measures: credit institutions and financial institutionsRegulation 30 Timing of verificationRegulation 30A Requirement to report discrepancies in registersRegulation 31 Requirement to cease transactions etcRegulation 32 Exception for trustees of debt issuesChapter 2 Enhanced customer due diligence (regs. 33-36)Regulation 33 Obligation to apply enhanced customer due diligenceRegulation 34 Enhanced customer due diligence: credit institutions, financial institutions and correspondent relationshipsRegulation 35 Enhanced customer due diligence: politically exposed personsRegulation 36 Politically exposed persons: other dutiesChapter 3 Simplified customer due diligence (regs. 37-38)Regulation 37 Application of simplified customer due diligenceRegulation 38 Electronic moneyPart 4 Reliance and Record-keeping (regs. 39-41)Regulation 39 RelianceRegulation 40 Record-keepingRegulation 41 Data ProtectionPart 5 Beneficial Ownership Information (regs. 42-45ZB)Regulation 42 Application of this PartRegulation 43 Corporate bodies: obligationsRegulation 44 Trustee obligationsRegulation 45 Register of beneficial ownershipRegulation 45ZA Register of beneficial ownership: additional types of trustRegulation 45ZB Access to information on the registerPart 5A Requests for information about accounts and safe-deposit boxes (regs. 45A-45H)Regulation 45A Duty to establish mechanism for requestsRegulation 45B Duty to respond to requests for informationRegulation 45C Requests for information about accountsRegulation 45D Requests for information about safe-deposit boxesRegulation 45E Requirements for making a request for informationRegulation 45F Access to requests and responses, guidance and reviewRegulation 45G Record keepingRegulation 45H InterpretationPart 6 Money Laundering and Terrorist Financing: Supervision and Registration (regs. 46-60B)Chapter 1 Duties of supervisory authorities (regs. 46-52B)Regulation 46 Duties of supervisory authoritiesRegulation 46A Annual reports by self-regulatory organisationsRegulation 47 Duties of supervisory authorities: informationRegulation 48 Duties of the FCA: guidance on politically exposed personsRegulation 49 Duties of self-regulatory organisationsRegulation 50 Duty to co-operateRegulation 51 Regulatory informationRegulation 52 Disclosure by supervisory authorities and other relevant authoritiesRegulation 52A Obligation of confidentialityRegulation 52B Obligation of confidentiality: offenceChapter 2 Registration (regs. 53-60)Regulation 53 InterpretationRegulation 54 Duty to maintain registers of certain relevant personsRegulation 55 Power to maintain registersRegulation 56 Requirement to be registeredRegulation 56A Transitional provision for existing cryptoasset businesses: requirement to registerRegulation 57 Applications for registration in a register maintained under regulation 54 or 55Regulation 58 Fit and proper testRegulation 58A Fit and proper test: cryptoasset businessesRegulation 59 Determination of applications for registration under regulations 54 and 55Regulation 60 Cancellation and suspension of registration in a register under regulation 54 or 55Chapter 3 Disclosure obligation (regs. 60A-60B)Regulation 60A Disclosure by cryptoasset businessesRegulation 60B Changes in control of registered cryptoasset businessesPart 7 Transfer of Funds (Information on the Payer) Regulations (regs. 61-64)Regulation 61 InterpretationRegulation 62 Transfer of funds supervisory authoritiesRegulation 63 Duties of transfer of funds supervisory authoritiesRegulation 64 Obligations of payment service providersPart 7A Cryptoasset Transfers (regs. 64A-64H)Chapter 1 Application and interpretation(regs. 64A-64B)Regulation 64A Application of this PartRegulation 64B InterpretationChapter 2 Inter-cryptoasset business transfers (regs. 64C-64F)Regulation 64C Information accompanying an inter-cryptoasset business transferRegulation 64D Missing or non-corresponding information: the cryptoasset business of a beneficiaryRegulation 64E Missing information: intermediariesRegulation 64F Retention of information with an inter-cryptoasset business transfer: intermediariesChapter 3 Unhosted wallet transfers (reg. 64G)Regulation 64G Requesting information: unhosted wallet transfers and cryptoasset businessesChapter 4 Provision of information to law enforcement authorities (reg. 64H)Regulation 64H Provision of informationPart 8 Information, Investigation and Directions (regs. 65-74C)Regulation 65 InterpretationRegulation 66 Power to require informationRegulation 67 Requests in support of other authoritiesRegulation 68 Requests to other authoritiesRegulation 69 Entry, inspection of premises without a warrant etcRegulation 70 Entry of premises under warrantRegulation 71 Retention of documents taken under regulation 66 or 70Regulation 72 Provision of information and warrants: safeguardsRegulation 73 Admissibility of statementsRegulation 74 Powers of relevant officersRegulation 74A Reporting requirements: Annex 1 financial institutionsRegulation 74B Report by a skilled person: Annex 1 financial institutionsRegulation 74C Directions: Annex 1 financial institutionsPart 9 Enforcement (regs. 75-92)Chapter 1 General (reg. 75)Regulation 75 Meaning of "relevant requirement"Chapter 2 Civil penalties and notices (regs. 76-85)Regulation 76 Power to impose civil penalties: fines and statementsRegulation 77 Power to impose civil penalties: suspension and removal of authorisationRegulation 78 Power to impose civil penalties: prohibitions on managementRegulation 79 Imposition of civil penaltiesRegulation 80 InjunctionsRegulation 81 The FCA: disciplinary measures (procedure)Regulation 82 The FCA: procedure (general)Regulation 83 The Commissioners: disciplinary measures (procedure)Regulation 84 Publication: the FCARegulation 85 Publication: the CommissionersChapter 3 Criminal offences, penalties and proceedings etc. (regs. 86-92)Regulation 86 Criminal offenceRegulation 87 Offences of prejudicing investigationsRegulation 88 Information offencesRegulation 89 Proceedings: generalRegulation 90 Proceedings: jurisdictionRegulation 91 Proceedings: partnership or unincorporated associationRegulation 92 Offence by bodies corporate, partnership or unincorporated associationPart 10 Appeals (regs. 93-100)Chapter 1 Decisions of the FCA (reg. 93)Regulation 93 Appeals against decisions of the FCAChapter 2 Decisions of the Commissioners (regs. 94-100)Regulation 94 Offer of reviewRegulation 95 Review by the CommissionersRegulation 96 Extensions of timeRegulation 97 Review out of timeRegulation 98 Nature of review etcRegulation 99 Appeals against decisions of the CommissionersRegulation 100 Appeals against decisions of the Commissioners: procedurePart 11 Miscellaneous Provisions (regs. 101-110)Regulation 101 Recovery of charges and penalties through the courtRegulation 102 Costs of supervisionRegulation 103 Obligations on public authoritiesRegulation 104 Suspicious activity disclosuresRegulation 104A The United Kingdom's financial intelligence unitRegulation 105 Disclosure by the CommissionersRegulation 106 General restrictionsRegulation 107 Transfers between the United Kingdom and the Channel Islands and the Isle of ManRegulation 108 ReviewRegulation 109 Consequential amendmentsRegulation 110 Revocation and saving provisionsSchedule 1 Professional BodiesSchedule 2 Listed ActivitiesSchedule 3 Relevant OffencesSchedule 3AZA Material DiscrepanciesSchedule 3A Excluded TrustsSchedule 3ZA High-Risk Third CountriesSchedule 4 Supervisory InformationSchedule 5 Connected PersonsSchedule 6 Meaning of "relevant requirement"Schedule 6A The United Kingdom's Financial Intelligence UnitSchedule 6B Changes in Control of Registered Cryptoasset BusinessesSchedule 7 Consequential AmendmentsSchedule 7, Part 1 Consequential Amendments to Primary Legislation (paras. 1-11)Schedule 7, Part 2 Consequential Amendments to Secondary Legislation (paras. 12-35)SignatureExplanatory NoteExplanatory Memorandum
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Regulation 8 Application
(1) Parts 1 to 6, 7A and 8 to 11 apply to the persons ("relevant persons") acting in the course of business carried on by them in the United Kingdom, who -
(a) are listed in paragraph (2); and
(b) do not come within the exclusions set out in regulation 15.
(2) The persons listed in this paragraph are -
(c) auditors, insolvency practitioners,external accountants and tax advisers;
(d) independent legal professionals;
(e) trust or company service providers;