The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019

Part 3: customer due diligence U.K.

6.—(1) In regulation 33—

(a) in paragraph (2)—

(i) in the opening words, for “an EEA state” substitute “ a third country ”;

(ii) for paragraph (a), substitute—

“(a) the entity is—

(i) subject to requirements in national legislation having an equivalent effect to those laid down in the fourth money laundering directive on an obliged entity (within the meaning of that directive); and

(ii) supervised for compliance with those requirements in a manner equivalent to section 2 of Chapter VI of the fourth money laundering directive;”;

(iii) in paragraph (b), after “under” insert “ requirements equivalent to those laid down in ”;

(b) omit paragraph (8).

(2) In regulation 37—

(a) in paragraph (3)—

(i) in sub-paragraph (a)—

(aa) for paragraph (iii)(aa), substitute—

“(aa) subject to requirements in national legislation having an equivalent effect to those laid down in the fourth money laundering directive on an obliged entity (within the meaning of that directive); and”;

(bb) in paragraph (iii)(bb), for “in accordance with” substitute “ in a manner equivalent to ”;

(ii) in sub-paragraph (b)(iv), for “an EEA state” substitute “ the United Kingdom ”;

(iii) in sub-paragraph (c)(i), for “an EEA state” substitute “ the United Kingdom ”;

(b) in paragraph (6), for paragraph (b), substitute—

“(b) a person who carries on business in a third country who is—

(i) subject to requirements in national legislation having an equivalent effect to those laid down in the fourth money laundering directive on an obliged entity (within the meaning of that directive); and

(ii) supervised for compliance with those requirements in a manner equivalent to section 2 of Chapter VI of the fourth money laundering directive.”;

(c) omit paragraph (7).

Commencement Information

I1 Reg. 6 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)