The Money Laundering and Terrorist Financing (Miscellaneous Amendments) Regulations 2018

JurisdictionUK Non-devolved
CitationSI 2018/1337

2018No. 1337

FINANCIAL SERVICES

The Money Laundering and Terrorist Financing (Miscellaneous Amendments) Regulations 2018

Made11thDecember2018

Laid before Parliament13thDecember2018

Coming into force10thJanuary2019

The Treasury are designated( 1) for the purposes of section 2(2) of the European Communities Act 1972( 2) in 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 2017( 3) are 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 2017( 4) are 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) for purposes connected with the effective exercise of the functions of the FCA under these Regulations;

(b) to a relevant authority, for purposes connected with the...

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