(1) A transfer of funds supervisory authority must -
(a) monitor effectively the payment service providers for whom it is the transfer of funds supervisory authority;
(b) take the measures necessary to secure compliance by payment service providers with the requirements of the funds transfer regulation;
(c) take effective measures to encourage the payment service provider to report breaches of the provisions of the funds transfer regulation to the authority;
(d) take such steps as it considers appropriate -
(i) to co-operate with other supervisory authorities, the Treasury and law enforcement authorities in relation to the development and implementation of policies to counter money laundering and terrorist financing;
(ii) to co-ordinate activities to counter money laundering and terrorist financing;
(iii) to co-operate with overseas authorities to ensure the effective supervision of a payment service provider to which paragraph (2) applies.
(2) This paragraph applies to a payment servi
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