The Money Laundering and Terrorist Financing (Amendment) Regulations 2022
| Jurisdiction | UK Non-devolved |
2022 No. 137
Financial Services
The Money Laundering and Terrorist Financing (Amendment) Regulations 2022
Made 14th February 2022
Coming into force 9th March 2022
The Treasury make the following Regulations in exercise of the powers conferred by section 49 of, and paragraphs 6 and 23 of Schedule 2 to, the Sanctions and Anti-Money Laundering Act 20181;
In accordance with section 55(5)(d) of that Act, a draft of this instrument was laid before Parliament and approved by a resolution of each House of Parliament.
Citation and commencement
1. These Regulations may be cited as the Money Laundering and Terrorist Financing (Amendment) Regulations 2022 and come into force on 9th March 2022.
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 20172are amended in accordance with regulations 3 to 5.
3. In regulation 45 (register of beneficial ownership)3—
(a) in paragraph (3)—
(i) in sub-paragraph (b)—
(aa) for “10th March 2022” substitute “1st September 2022”; and
(bb) for “9th February 2022” substitute “4th June 2022”;
(ii) in sub-paragraph (c), for “30 days” substitute “90 days”;
(b) in paragraph (10A)4—
(i) in sub-paragraph (a)—
(aa) for “10th March 2022” substitute “1st September 2022”; and
(bb) for “9th February 2022” substitute “4th June 2022”;
(ii) in sub-paragraph (b), for “30 days” substitute “90 days”;
(c) in paragraph (10D)—
(i) in sub-paragraph (a)—
(aa) for “10th March 2022” substitute “1st September 2022”; and
(bb) for “9th February 2022” substitute “4th June 2022”;
(ii) in sub-paragraph (b), for “30 days” substitute “90 days”;
(d) in paragraph (10G)(b), for “30 days” substitute “90 days”;
(e) in paragraph (10H), for “30 days” substitute “90 days”.
4. In regulation 45ZA (register of beneficial ownership: additional types of trust)5—
(a) in paragraph (4)(b), for “30 days” substitute “90 days”;
(b) in paragraph (5)(a)—
(i) for “10th March 2022” substitute “1st September 2022”;
(ii) for “9 February 2022” substitute “4th June 2022”;
(c) in paragraph (5)(b), for “30 days” substitute “90 days” in both places it appears;
(d) in paragraph (6), for “30 days” substitute “90 days”.
5. In Schedule 3A (excluded trusts)6—
(a) for paragraph 4 (trusts of insurance policies) substitute—
“
4.—(1) A trust of a life policy paying out only—
(a)
(a) on the death, terminal or critical illness, or permanent or temporary disablement of the person assured; or
(b)
(b) to meet the cost of healthcare services provided to the person assured.
(2) A trust of an insurance policy paying out only—
(a)
(a) on the temporary disablement of the person assured, where that policy was applied for at the same time as a policy under sub-paragraph (1); or
(b)
(b) to meet the cost of healthcare services provided to the person assured.
(3) A trust of the benefits payable on the death of the person assured under a retirement policy.
”;
(b) after paragraph 6 (pilot trusts), insert—
“
Bank accounts for minors etc
6A.—(1) A trust which is created as a requirement of opening a relevant account for the sole benefit of—
(a)
(a) a person under the age of 18;
(b)
(b) a person who lacks capacity within the meaning of section 2 of the Mental Capacity Act 20057;
(c)
(c) a person who is incapable within the meaning of section 1 of the Adults with Incapacity (Scotland) Act 20008; or
(d)
(d) a person who is incapable of managing and administering the person’s property and affairs, by reason of mental disorder...
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