The Money Laundering Regulations 2003
| Jurisdiction | UK Non-devolved |
| Citation | SI 2003/3075 |
(1) These Regulations may be cited as the Money Laundering Regulations 2003.for the purposes of regulation 10 in so far as it relates to a person who acts as a high value dealer, on 1st April 2004;for the purposes of regulation 2(3) (h) , on 31st October 2004;for the purposes of regulation 2(3) (i) , on 14th January 2005;for all other purposes, on 1st March 2004.(3) These Regulations are prescribed for the purposes of sections 168(4) (b) and 402(1) (b) of the 2000 Act.the Money Laundering Regulations 1993 the Financial Services and Markets Act 2000 (Regulations Relating to Money Laundering) Regulations 2001 the Money Laundering Regulations 2001 (1) In these Regulations—accepting deposits;effecting or carrying out contracts of long-term insurance when carried on by a person who has received official authorisation pursuant to Article 4 or 51 of the Life Assurance Consolidation Directive;dealing in investments as principal or as agent;arranging deals in investments;operating a multilateral trading facility;managing investments;safeguarding and administering investments;sending dematerialised instructions;establishing (and taking other steps in relation to) collective investment schemes;advising on investments; orissuing electronic money;the activities of the National Savings Bank;any activity carried on for the purpose of raising money authorised to be raised under the National Loans Act 1968 the business of operating a bureau de change, transmitting money (or any representation of monetary value) by any means or cashing cheques which are made payable to customers;any of the activities in points 1 to 12 or 14 of Annex 1 to the Banking Consolidation Directive (which activities are, for convenience, set out in Schedule 1 to these Regulations) when carried on by way of business, ignoring an activity falling within any of sub-paragraphs (a) to (d) ;estate agency work;operating a casino by way of business;the activities of a person appointed to act as an insolvency practitioner within the meaning of section 388 of the Insolvency Act 1986 the provision by way of business of advice about the tax affairs of another person by a body corporate or unincorporate or, in the case of a sole practitioner, by an individual;the provision by way of business of accountancy services by a body corporate or unincorporate or, in the case of a sole practitioner, by an individual;the provision by way of business of audit services by a person who is eligible for appointment as a company auditor under section 25 of the Companies Act 1989 the provision by way of business of legal services by a body corporate or unincorporate or, in the case of a sole practitioner, by an individual and which involves participation in a financial or real property transaction (whether by assisting in the planning or execution of any such transaction or otherwise by acting for, or on behalf of, a client in any such transaction) ;the provision by way of business of services in relation to the formation, operation or management of a company or a trust; orthe activity of dealing in goods of any description by way of business (including dealing as an auctioneer) whenever a transaction involves accepting a total cash payment of 15,000 euro or more.the issue of withdrawable share capital within the limit set by section 6 of the Industrial and Provident Societies Act 1965 the acceptance of deposits from the public within the limit set by section 7(3) of that Act by such a society;the issue of withdrawable share capital within the limit set by section 6 of the Industrial and Provident Societies Act (Northern Ireland) 1969 the acceptance of deposits from the public within the limit set by section 7(3) of that Act by such a society;activities carried on by the Bank of England;any activity in respect of which an exemption order under section 38 of the 2000 Act has effect if it is carried on by a person who is for the time being specified in the order or falls within a class of persons so specified;any activity (other than one falling within sub-paragraph (f) ) in respect of which a person was an exempted person for the purposes of section 45 of the Financial Services Act 1986 the regulated activities of arranging deals in investments or advising on investments, in so far as the investment consists of rights under a regulated mortgage contractF37, rights under a regulated home reversion plan or rights under a regulated home purchase plan;the regulated activities of dealing in investments as agent, arranging deals in investments, managing investments or advising on investments, in so far as the investment consists of rights under, or any right to or interest in, a contract of insurance which is not a qualifying contract of insurance; orthe Official Solicitor to the Supreme Court when acting as trustee in his official capacity.paragraphs (2) (a) and (3) (h) and (i) ;regulation 25 (authorised persons operating a bureau de change) ;references in these Regulations to a contract of long-term insurance.(5) For the purposes of these Regulations, and subject to paragraph (6) , “satisfactory evidence of identity” is evidence which is reasonably capable of establishing (and does in fact establish to the satisfaction of the person who obtains it) that the applicant for business is the person he claims to be.(6) Where the person who obtains the evidence mentioned in paragraph (5) knows or has reasonable grounds for believing that
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