The Money Laundering and Terrorist Financing (Miscellaneous Amendments) Regulations 2018
2018 No. 1337
Financial Services
The Money Laundering and Terrorist Financing (Miscellaneous Amendments) Regulations 2018
Made 11th December 2018
Laid before Parliament 13th December 2018
Coming into force 10th January 2019
The Treasury are designated1for the purposes of section 2(2) of the European Communities Act 19722in relation to the prevention of money laundering and terrorist financing.
The Treasury, in exercise of the powers conferred by section 2(2) of that Act, make the following Regulations:
PART 1
Introduction
Citation, commencement and extent
1.—(1) These Regulations may be cited as the Money Laundering and Terrorist Financing (Miscellaneous Amendments) Regulations 2018.
(2) These Regulations come into force on 10th January 2019.
(3) Regulation 6 extends to Scotland only.
PART 2
Money Laundering Regulations
Amendment of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
2. The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 20173are amended in accordance with regulations 3 and 4.
Additional customer due diligence measures: credit institutions and financial institutions
3. In regulation 29—
(a) in paragraph (6) for “an anonymous account or an anonymous passbook” substitute “an anonymous account, an anonymous passbook or an anonymous safe-deposit box”;
(b) after paragraph (7) insert—
“7A The relevant person must apply customer due diligence measures to all anonymous safe-deposit boxes in existence on 10th January 2019, and in any event before such safe-deposit boxes are used in any way.”.
Appeals against decisions of the Financial Conduct Authority and the Commissioners of Her Majesty’s Revenue and Customs
4.—(1) In regulation 93 (appeals against decisions of the FCA) for paragraph (1) substitute—
“1 A person may appeal to the Upper Tribunal a decision by the FCA under—
(a) regulation 25(2), to issue a direction;
(b) regulation 59(1), to refuse to register an applicant;
(c) regulation 60, to suspend or cancel the registration of a registered person;
(d) regulation 76, to impose a penalty or publish a censuring statement;
(e) regulation 77, to take a measure set out in paragraph (2)(a) or (b) of that regulation;
(f) regulation 78(2), to impose a prohibition.”.
(2) In regulation 99 (appeals against decisions of the Commissioners) for paragraph (1) substitute—
“1 A person may appeal to the tribunal in accordance with regulation 100 if the person is the subject of a decision by the Commissioners under—
(a) regulation 25(2), to issue a direction;
(b) regulation 58, to the effect that a person is not a fit and proper person (unless the decision is required by virtue of paragraph (3) of that regulation);
(c) regulation 59(1), to refuse to register an applicant;
(d) regulation 60, to suspend or cancel the registration of a registered person;
(e) regulation 76, to impose a penalty or publish a censuring statement;
(f) regulation 78(2), to impose a prohibition.”.
PART 3
Oversight Regulations
Amendment of the Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017
5.—(1) The Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 20174are amended as follows.
(2) For regulation 12 (disclosure) substitute—
“Disclosure
12.—(1) The FCA may disclose information it holds, provided the disclosure is made—
(a)
(a) for purposes connected with the effective exercise of the functions of the FCA under these Regulations;
(b)
(b) to a relevant authority, for purposes connected with the effective exercise of the functions of that relevant authority under these Regulations or the MLR;
(c)
(c) to a law enforcement authority, for purposes connected with the exercise of the functions of that authority; or
(d)
(d) with a view to the institution of, or otherwise for the purposes of, any criminal or other enforcement proceedings.
(2) Information disclosed under paragraph (1) may not be further disclosed by any person except where the further disclosure—
(a)
(a) has the consent of the person or persons mentioned in regulation 11(2)(a);
(b)
(b) is made by, or to, a relevant authority for purposes connected with the effective exercise of the functions under these Regulations or the MLR of—
(i) the relevant authority receiving the information, or
(ii) the relevant authority disclosing the information;
(c)
(c) is made by, or to, a law enforcement authority for purposes connected with the effective exercise of the functions of the law enforcement authority;
(d)
(d) is made by a relevant authority with a view to the institution of, or otherwise for the purposes of, any criminal or other enforcement proceedings;
(e)
(e) is made by, or to, the Secretary of State for purposes connected with the effective exercise of his or her functions under enactments relating to companies and insolvency; or
(f)
(f) is required by law.
(3) For the purposes of this regulation—
“law enforcement authority” means—
(a) the National Crime Agency;
(b) the police forces maintained under section 2 of the Police Act 19965(maintenance of police forces);
(c) the Police of the Metropolis;
(d) the Police for the City of London;
(e) the Police Service of Scotland;
(f) the Police Service of Northern Ireland;
(g) the Serious Fraud Office;
“relevant authority” means—
(a) the Commissioners for Her Majesty’s Revenue and Customs;
(b) the Financial Reporting Council;
(c) the Gambling Commission;
(d) the Legal Services Board;
(e) an overseas authority, within the meaning of regulation 50(4) of the MLR, which undertakes to comply with such conditions in relation to the information as the FCA considers appropriate;
(f) a self-regulatory organisation;
(g) a skilled person;
(h)...
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