Standard view

Page 1 of 10

Next

First page 1 2 3 4 5 6 7 8 9 10 Last page

Statutory Instruments

2007 No. 2157

FINANCIAL SERVICES

The Money Laundering Regulations 2007

Made

24th July 2007

Laid before Parliament

25th July 2007

Coming into force

15th December 2007

Contents

Go to Preamble

  1. PART 1

    GENERAL

    1. 1. Citation, commencement etc.

    2. 2. Interpretation

    3. 3. Application of the Regulations

    4. 4. Exclusions

  2. PART 2

    CUSTOMER DUE DILIGENCE

    1. 5. Meaning of customer due diligence measures

    2. 6. Meaning of beneficial owner

    3. 7. Application of customer due diligence measures

    4. 8. Ongoing monitoring

    5. 9. Timing of verification

    6. 10. Casinos

    7. 11. Requirement to cease transactions etc.

    8. 12. Exception for trustees of debt issues

    9. 13. Simplified due diligence

    10. 14. Enhanced customer due diligence and ongoing monitoring

    11. 15. Branches and subsidiaries

    12. 16. Shell banks, anonymous accounts etc.

    13. 17. Reliance

    14. 18. Directions where Financial Action Task Force applies counter-measures

  3. PART 3

    RECORD-KEEPING, PROCEDURES AND TRAINING

    1. 19. Record-keeping

    2. 20. Policies and procedures

    3. 21. Training

  4. PART 4

    SUPERVISION AND REGISTRATION

    1. Interpretation

      1. 22. Interpretation

    2. Supervision

      1. 23. Supervisory authorities

      2. 24. Duties of supervisory authorities

    3. Registration of high value dealers, money service businesses and trust or company service providers

      1. 25. Duty to maintain registers

      2. 26. Requirement to be registered

      3. 27. Applications for registration in a register maintained under regulation 25

      4. 28. Fit and proper test

      5. 29. Determination of applications under regulation 27

      6. 30. Cancellation of registration in a register maintained under regulation 25

    4. Requirement to inform the Authority

      1. 31. Requirement on authorised person to inform the Authority

    5. Registration of Annex I financial institutions, estate agents etc.

      1. 32. Power to maintain registers

      2. 33. Requirement to be registered

      3. 34. Applications for and cancellation of registration in a register maintained under regulation 32

    6. Financial provisions

      1. 35. Costs of supervision

  5. PART 5

    ENFORCEMENT

    1. Powers of designated authorities

      1. 36. Interpretation

      2. 37. Power to require information from, and attendance of, relevant and connected persons

      3. 38. Entry, inspection without a warrant etc.

      4. 39. Entry to premises under warrant

      5. 40. Failure to comply with information requirement

      6. 41. Powers of relevant officers

    2. Civil penalties, review and appeals

      1. 42. Power to impose civil penalties

      2. 43. Review procedure

      3. 44. Appeals

    3. Criminal offences

      1. 45. Offences

      2. 46. Prosecution of offences

      3. 47. Offences by bodies corporate etc.

  6. PART 6

    MISCELLANEOUS

    1. 48. Recovery of charges and penalties through the court

    2. 49. Obligations on public authorities

    3. 50. Transitional provisions: requirement to be registered

    4. 51. Minor and consequential amendments

    1. SCHEDULE 1

      ACTIVITIES LISTED IN POINTS 2 TO 12 AND 14 OF ANNEX I TO THE BANKING CONSOLIDATION DIRECTIVE

    2. SCHEDULE 2

      FINANCIAL ACTIVITY, SIMPLIFIED DUE DILIGENCE AND POLITICALLY EXPOSED PERSONS

    3. SCHEDULE 3

      PROFESSIONAL BODIES

    4. SCHEDULE 4

      CONNECTED PERSONS

    5. SCHEDULE 5

      MODIFICATIONS IN RELATION TO APPEALS

    6. SCHEDULE 6

      MINOR AND CONSEQUENTIAL AMENDMENTS

Go to Explanatory Note

The Treasury are a government department designated(1) for the purposes of section 2(2) of the European Communities Act 1972(2) in relation to measures relating to preventing the use of the financial system for the purpose of money laundering;

The Treasury, in exercise of the powers conferred on them by section 2(2) of the European Communities Act 1972 and by sections 168(4)(b), 402(1)(b), 417(1)(3) and 428(3) of the Financial Services and Markets Act 2000(4), make the following Regulations:

(2)

1972 c. 68; section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c.51). By virtue of the amendment of section 1(2) made by section 1 of the European Economic Area Act 1993 (c.51) regulations may be made under section 2(2) to implement obligations of the United Kingdom created by or arising under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073, OJ No L 1, 3.11.1994, p. 3) and the Protocol adjusting that Agreement signed at Brussels on 17th March 1993 (Cm 2183, OJ No L 1, 3.1.1994, p.572). For the decision of the EEA Joint Committee in relation to Directive 2005/60/EC, see Decision No 87/2006 of 7th July 2006 amending Annex IX (Financial Services) to the EEA Agreement (OJ No L 289 19.10.2006, p. 23). Back [2]

(3)

See the definition of “prescribed”. Back [3]

Page 1 of 10

Next

First page 1 2 3 4 5 6 7 8 9 10 Last page