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

[F1 Missing information: intermediaries U.K.

64E.— (1) When an intermediary cryptoasset business receives a cryptoasset as part of an inter-cryptoasset business transfer it must, before further transferring the cryptoasset, check whether it has received the information required by regulation 64C to be provided.

(2) Where an intermediary cryptoasset business becomes aware that any information required by regulation 64C to be provided is missing, the intermediary cryptoasset business must—

(a) request the cryptoasset business from which it received the transfer to provide the missing information; and

(b) consider whether—

(i) to delay the onward transfer of the cryptoasset until the information is received; and

(ii) if the information is not received within a reasonable time, to return the cryptoasset to the cryptoasset business from which it was received.

(3) In deciding what action to take under paragraph (2)(b) an intermediary cryptoasset business must have regard to—

(a) the risk assessments carried out by the intermediary cryptoasset business under regulations 18(1) and 18A(1); and

(b) its assessment of the level of risk of money laundering, terrorist financing and proliferation financing arising from the inter-cryptoasset business transfer.

(4) In assessing the level of risk under paragraph (3)(b) the intermediary cryptoasset business must take account of factors including—

(a) the purpose and nature of the business relationship with its customer cryptoasset business, and of the inter-cryptoasset business transfer; and

(b) the value of the inter-cryptoasset business transfer and any cryptoasset transfer which appears to be linked.

(5) An intermediary cryptoasset business must report to the FCA repeated failure by a cryptoasset business to provide any information required by regulation 64C as well as any steps the intermediary cryptoasset business has taken in respect of such failures.]

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)