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The Cross-Border Credit Transfers Regulations 1999
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- UK Statutory Instruments
- 1999 No. 1876
- Regulation 12
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Exclusion of liability for failure to carry out a transfer
12.—(1) An institution which has agreed to participate in the carrying out of a relevant transfer shall not incur any liability under these Regulations in respect of a failure to perform its part of the transfer if—
(a)the failure resulted from the institution taking, or omitting to take, any action in order to avoid a contravention of, or to secure compliance with procedures maintained by it in accordance with, the enactments relating to money laundering; or
(b)it can show that the failure was due to abnormal and unforeseeable circumstances beyond its control, the consequences of which would have been unavoidable despite all efforts to the contrary.
(2) In this regulation “enactments relating to money laundering” has the meaning given by regulation 5(5) of the Money Laundering Regulations 1993(1).
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