The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

[F1 Information accompanying an inter-cryptoasset business transfer U.K.

64C.— (1) In respect of an inter-cryptoasset business transfer, the cryptoasset business of the originator must ensure that the cryptoasset transfer is accompanied by the information specified in paragraph (5).

(2) Where paragraph (3) applies, if the cryptoasset business of the beneficiary makes a request for the information specified in paragraph (6), the cryptoasset business of the originator must, within three working days of the request, also provide the information specified in paragraph (6).

(3) This paragraph applies where each of the cryptoasset businesses executing the inter-cryptoasset business transfer (including any intermediary cryptoasset business) is carrying on business in the United Kingdom in respect of the transaction.

(4) Where paragraph (3) does not apply and the transfer is equal to or exceeds the equivalent in cryptoassets of 1,000 euros in value (taken together with any other cryptoasset transfer which appears to be linked), the cryptoasset business of the originator must ensure that the inter-cryptoasset business transfer is also accompanied by the information specified in paragraph (6).

(5) The information specified in this paragraph is—

(a) the name of the originator and the beneficiary;

(b) if the originator or beneficiary is a firm, the registered name of the originator or beneficiary (as the case may be), or if there is no registered name, the trading name; and

(c) the account number of the originator and the beneficiary, or if there is no account number, the unique transaction identifier.

(6) The information specified in this paragraph is—

(a) if the originator is a firm—

(i) the customer identification number; or

(ii) the address of the originator’s registered office, or, if different, or if there is none, its principal place of business;

(b) if the originator is an individual, one of the following—

(i) the customer identification number;

(ii) the individual’s address;

(iii) the individual’s birth certificate number, passport number or national identity card number;

(iv) the individual’s date and place of birth.

(7) In the case of a batch file transfer where the cryptoasset business of the beneficiary is carrying on business wholly outside the United Kingdom, paragraphs (1) and (4) do not apply to each of the individual business transfers, provided that—

(a) the batch is accompanied by the information required by paragraphs (1) and (4); and

(b) each individual transfer within the batch is accompanied by the account number of the originator, or if there is no account number, the unique transaction identifier.

(8) Information relating to the originator required under this regulation must have been verified by the cryptoasset business of the originator on the basis of documents or information in either case obtained from a reliable source which is independent of the person whose identity is being verified.

(9) A cryptoasset business of an originator must not make an inter-cryptoasset business transfer before ensuring full compliance with this regulation.]

Textual Amendments

F1 Pt. 7A inserted (1.9.2023) by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(3), 5(5)