1980 c.46. Subsection (1A) was inserted by paragraph 12 of Schedule 1 to the Law Reform (Miscellaneous Provisions) (Scotland) Act 1985 (c.73). Subsections (1B) and (1C) were inserted by S.S.I. 2004/383, and amended by section 31(3)(a) of the Law Reform (Miscellaneous Provisions) (Scotland) Act 1990 (c.40), and section 124(2) of the Legal Services (Scotland) Act 2010 (asp 16).

1998 c. 47.

S.I. 2007/2157.

2000 c. 8.

Part 20C was inserted by section 30 of the Bank of England and Financial Service Act 2016 (c.14).

2000 c. 11.

OJ No L 141, 05.06.15, p. 73.

2000 c.11. Part 1 of Schedule 3A was substituted by S.I. 2007/3288. Paragraph 1 of that Schedule was amended by S.I. 2011/99, 2013/3115 and 2015/575. Paragraph 3 of that Schedule was amended by S.I. 2011/2701, 2013/3115 and 2015/575.

Paragraph (b) was amended by S.I. 2011/99 and 2013/3115.

1974 c.39.

Paragraph (j) was amended by S.I. 2008/948.

Paragraph 1(6) was substituted by S.I. 2016/680.

S.I. 2001/544. Article 72G was inserted by S.I. 2014/366.

2006 asp 1.

OJ L 176, 27.6.2013, p.338.

2000 c.11. Part 2 of Schedule 3A was substituted by S.I. 2007/3288. Paragraph 4 was amended by paragraph 87(1), (2)(a) and (b) of Schedule 18 to the Financial Services Act 2012 (c.21), and by S.I. 2014/892.

2001 c. 16.

S.I. 2007/2157.

2002 c. 29.

OJ L 309, 25.11. 05, p.15.

OJ L 141, 05.06.15, p.73.

2002 c.29. Part 1 of Schedule 9 was substituted by S.I. 2007/3287. Paragraph 1 of that Schedule was amended by S.I. 2011/99, 2013/3115 and 2015/575. Paragraph 3 of that Schedule was amended by S.I. 2011/2701, 2013/3115 and 2015/575.

Paragraph (b) was amended by S.I. 2011/99 and 2013/3115.

1974 c.39.

2014 c.2.

Paragraph 1(6) was amended by S.I. 2016/680.

S.I. 2001/544. Article 3(1) was amended, but the amendments are not relevant to these Regulations.

Article 72G was inserted by S.I. 2014/366, and amended by S.I. 2015/910 and 2016/392.

2006 asp.1.

OJ L 176, 27.6.2013, p.338.

2008 c.28.

2009 c. 11.

OJ L 309, 25.11. 05, p.15.

OJ L 141, 05.06.15, p.73.

OJ L 345, 8.12. 06, p.1.

2013 c. 22.

2014 c. 26.

2016 c. 14.

http://www.legislation.gov.uk/uksi/2017/692/schedule/7/part/1/2017-06-26The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017texttext/xmlenStatute Law DatabaseFINANCIAL SERVICES2024-09-072017-06-26These Regulations replace the Money Laundering Regulations 2007 (S.I. 2007/2157) and the Transfer of Funds (Information on the Payer) Regulations 2007 (S.I. 2007/3298) with updated provisions that implement in part the Fourth Money Laundering Directive 2015/849/EU (“fourth money laundering directive”) of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing (OJ L 141, 05.06.2015, p.73) and the Funds Transfer Regulation 2015/847/EU (“funds transfer regulation”) of the European Parliament and of the Council of 20th May 2015 on information accompanying transfers of funds (OJ L 141, 05.06.2015, p.1).SCHEDULESSCHEDULE 7Consequential AmendmentsPART 1Consequential Amendments to Primary Legislation1Solicitors (Scotland) Act 1980

In section 34 of the Solicitors (Scotland) Act 1980 , after subsection (1C), insert—

1D

Rules made under this section may make provision as to the way in which solicitors and incorporated practices are to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

.

2Northern Ireland Act 1998

In Schedule 3 to the Northern Ireland Act 1998 (reserved matters)

a

in paragraph 25, for “the Money Laundering Regulations 2007” substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;

b

omit paragraph 25A.

3Financial Services and Markets Act 20001

FSMA is amended as follows.

2

In section 226 (complaints: the ombudsman scheme etc) after subsection (7) insert—

7A

The rules must provide that a person within subsection (7B) is eligible in relation to a complaint to which subsection (7C) applies.

7B

A person is within this subsection if he or she has been identified by a respondent, in carrying on an activity to which the rules apply, as—

a

a politically exposed person;

b

a family member of a politically exposed person; or

c

a known close associate of a politically exposed person.

7C

This subsection applies to a complaint—

a

that the complainant has been incorrectly identified as a person within subsection (7B); or

b

relating to an act or omission of the respondent in consequence of the identification of the complainant as a person within subsection (7B).

7D

In subsection (7B), “politically exposed person”, “family member” and “known close associate” have the meanings given in regulation 35(12) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

.

3

For the heading of Part 20C (as inserted by the Bank of England and Financial Services Act 2016) , substitute “Politically exposed persons: money laundering and terrorist financing”.

4

In section 333U (guidance relating to money laundering and politically exposed persons)—

a

in the heading, after “Money laundering” insert “ and terrorist financing ”; and

b

in subsection (3)—

i

for “Secretary of State” substitute “ Treasury ”; and

ii

in paragraph (b), after “by the FCA” insert “ or under the ombudsman scheme ”.

4Terrorism Act 20001

The Terrorism Act 2000 is amended as follows.

2

In section 21G (other permitted disclosures etc), in subsection (1)(a), for “the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute “ the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ”.

3

In section 21H(4), for the words from “Directive 2005/60/EC” to “2005” substitute “ Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 .

4

Part 1 of Schedule 3A (business in the regulated sector) is amended in accordance with sub-paragraphs (5) to (10).

5

In paragraph 1(1)—

a

in paragraph (b)

i

at the end of sub-paragraph (i), omit “or”;

ii

after sub-paragraph (i), insert—

ia

an undertaking whose only listed activity is as a creditor under an agreement which—

aa

falls within section 12(a) of the Consumer Credit Act 1974 (debtor-creditor-supplier agreements);

bb

provides fixed sum credit (within the meaning given in section 10(1)(b) of the Consumer Credit Act 1974 (running-account credit and fixed-sum credit)) in relation to the provision of services; and

cc

provides financial accommodation by way of deferred payment or payment by instalments over a period not exceeding 12 months; or

;

b

after paragraph (j) , insert—

ja

the carrying on of local audit work within the meaning of Schedule 5 to the Local Audit and Accountability Act 2014 (eligibility and regulation of local auditors) by any firm or individual who is a local auditor within the meaning of section 4(1) of that Act (general requirements for audit);

;

c

in paragraph (q)—

i

after “involves the” insert “ making or ”;

ii

for “15,000” substitute “ 10,000 ”.

6

In paragraph 1(5)(b), omit “contained in international standards and are”.

7

In paragraph 1(6) , at the end of paragraph (c) for “or” substitute “ and ”.

8

In paragraph 2(1)—

a

in paragraph (c) for “25” substitute “ 26 ”;

b

in paragraph (d), at the end, omit “or”;

c

at the end, insert—

g

the carrying on by a local authority (within the meaning given in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001) of an activity which would be a regulated activity for the purposes of the Financial Services and Markets Act 2000 but for article 72G of that Order; or

h

the preparation of a home report, which for these purposes means the documents prescribed for the purposes of sections 98, 99(1) or 101(2) of the Housing (Scotland) Act 2006 .

.

9

In paragraph 2(3)—

a

in paragraph (a), for “£64,000” substitute “£100,000;

b

in paragraph (f), after “(r)” insert “ to (t) ”.

10

In paragraph 3—

a

in sub-paragraph (1), at the appropriate place insert—

the Capital Requirements Directive” means Directive 2013/36/EU of the European Parliament and of the Council of 26th June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms ;

;

b

in sub-paragraph (3)—

i

after “Capital Requirements Regulation” insert “ , the Capital Requirements Directive ”;

ii

after “Part as” insert “ in that Regulation or ”.

11

In Part 2 of Schedule 3A (supervisory authorities), in paragraph 4—

a

in sub-paragraph (1), omit paragraphs (b), (ea) and (f) (but not the “and” after paragraph (f));

b

in sub-paragraph (2)—

i

after paragraph (d), insert—

da

the Chartered Institute of Legal Executives;

;

ii

omit paragraph (f).

5Criminal Justice and Police Act 2001

In the Criminal Justice and Police Act 2001

a

in section 68(2) (application to Scotland)—

i

in paragraph (g), for “regulation 39(6) of the Money Laundering Regulations 2007” substitute “regulation 70(7) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;

ii

omit paragraph (h);

b

in Part 1 of Schedule 1 (powers of seizure to which section 50 of the 2001 Act applies)—

i

in the heading above paragraph 73J, for “The Money Laundering Regulations 2007” substitute “ The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ”;

ii

in paragraph 73J, for “regulation 39(6) of the Money Laundering Regulations 2007” substitute “ regulation 70(7) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ”;

iii

omit paragraph 73K and the heading above it.

6Proceeds of Crime Act 20021

The Proceeds of Crime Act 2002 is amended as follows.

2

In section 333D (other permitted disclosures etc), in subsection (1)(a) for “the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute “ the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ”.

3

In section 333E (interpretation), in subsection (4), for the words from “Directive 2005/60/EC to “2005” substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 ”.

4

In Part 1 of Schedule 9 (business in the regulated sector), in paragraph 1(1)—

a

in paragraph (b)

i

for “Capital Requirements Regulation”, in both places, substitute “ Capital Requirements Directive ”;

ii

at the end of sub-paragraph (i), omit “or”;

iii

after sub-paragraph (i), insert—

ia

an undertaking whose only listed activity is as a creditor under an agreement which—

aa

falls within section 12(a) of the Consumer Credit Act 1974 (debtor-creditor-supplier agreements);

bb

provides fixed sum credit (within the meaning given in section 10(1)(b) of the Consumer Credit Act 1974 (running-account credit and fixed-sum credit)) in relation to the provision of services; and

cc

provides financial accommodation by way of deferred payment or payment by instalments over a period not exceeding 12 months; or

;

b

after paragraph (j), insert—

ja

the carrying on of local audit work within the meaning of Schedule 5 to the Local Audit and Accountability Act 2014 (eligibility and regulation of local auditors) by any firm or individual who is a local auditor within the meaning of section 4(1) of that Act (general requirements for audit);

;

c

in paragraph (q)—

i

after “involves the” insert “ making or ”;

ii

for “15,000” substitute “ 10,000 ”.

5

In paragraph 1(5)(b), omit “contained in international standards and are”.

6

In paragraph 1(6) , at the end of paragraph (c) for “or” substitute “ and ”.

7

In paragraph 2—

a

in sub-paragraph (1)(c) for “25” substitute “ 26 ”;

b

in sub-paragraph (1)(d), at the end, omit “or”;

c

at the end, insert—

g

the carrying on by a local authority (within the meaning given in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ) of an activity which would be a regulated activity for the purposes of the Financial Services and Markets Act 2000 but for article 72G of that Order ; or

h

the preparation of a home report, which for these purposes means the documents prescribed for the purposes of sections 98, 99(1) or 101(2) of the Housing (Scotland) Act 2006 .

;

d

in sub-paragraph (3)—

i

in paragraph (a), for “£64,000” substitute “£100,000;

ii

in paragraph (f), after “(r)” insert “ to (t) ”.

8

In paragraph 3—

a

in sub-paragraph (1)—

i

at the appropriate place insert—

the Capital Requirements Directive” means Directive 2013/36/EU of the European Parliament and of the Council of 26th June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms ;

;

ii

at the end of the definition of “the Capital Requirements Regulation insert “ of 26th June 2013 on prudential requirements for credit institutions and investment firms ”; and

b

in sub-paragraph (3)—

i

for “the Banking Consolidation Directive” substitute “ the Capital Requirements Regulation, the Capital Requirements Directive ”;

ii

after “Part as”, insert “ in that Regulation or ”.

9

In Part 2 of Schedule 9 (supervisory authorities), in paragraph 4—

a

in sub-paragraph (1), omit paragraphs (b), (ea) and (f) (but not the “and” after paragraph (f));

b

in sub-paragraph (2)—

i

after paragraph (d), insert—

da

the Chartered Institute of Legal Executives;

;

ii

omit paragraph (f).

7Counter-Terrorism Act 2008

In Schedule 7 to the Counter-Terrorism Act 2008 (terrorist financing and money laundering), for paragraph 45(3), substitute—

3

Unless otherwise defined, expressions used in this Schedule and in Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing have the same meaning as in that Directive.

.

8Borders, Citizenship and Immigration Act 2009

In section 1 (general customs functions of the Secretary of State) of the Borders, Citizenship and Immigration Act 2009 , in subsection (2)—

a

in paragraph (d), for “Directive 2005/60/EC on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing” substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing ”;

b

in paragraph (e), for “Regulation (EC) No 1781/2006 on information on the payer accompanying transfers of funds” substitute “Regulation (EU) 2015/847 of the European Parliament and of the Council of 20th May 2015 on information accompanying transfers of funds”.

9Crime and Courts Act 2013

In Schedule 17 (offences in relation to which a deferred prosecution arrangement may be entered into) to the Crime and Courts Act 2013 , in paragraph 27, for “regulation 45 of the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute “ regulation 86 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ”.

10Finance Act 2014

In Schedule 34 to the Finance Act 2014 , in paragraph 6(4)(j) (criminal offences) for “regulation 45(1) of the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute “ regulation 86(1) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ”.

11Bank of England and Financial Services Act 2016

In the Bank of England and Financial Services Act 2016—

a

in the italic heading above section 30, after “Money laundering” insert “ and terrorist financing ”;

b

in section 30 (politically exposed persons: money laundering)

i

in the heading, after “Money laundering” insert “ and terrorist financing ”; and

ii

in subsection (1) for “Secretary of State” substitute “ Treasury ”.

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<note class="commentary M" eId="c23049441">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1980/46">1980 c.46</ref>
. Subsection (1A) was inserted by paragraph 12 of Schedule 1 to the
<ref href="http://www.legislation.gov.uk/id/ukpga/1985/73">Law Reform (Miscellaneous Provisions) (Scotland) Act 1985 (c.73)</ref>
. Subsections (1B) and (1C) were inserted by
<ref href="http://www.legislation.gov.uk/id/ssi/2004/383">S.S.I. 2004/383</ref>
, and amended by section 31(3)(a) of the
<ref href="http://www.legislation.gov.uk/id/ukpga/1990/40">Law Reform (Miscellaneous Provisions) (Scotland) Act 1990 (c.40)</ref>
, and section 124(2) of the
<ref href="http://www.legislation.gov.uk/id/asp/2010/16">Legal Services (Scotland) Act 2010 (asp 16)</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049451">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1998/47">1998 c. 47</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049461">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2007/2157">S.I. 2007/2157</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049471">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/8">2000 c. 8</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049481">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/692/part/20C">Part 20C</ref>
was inserted by section 30 of the
<ref href="http://www.legislation.gov.uk/id/ukpga/2016/14">Bank of England and Financial Service Act 2016 (c.14)</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049491">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/11">2000 c. 11</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049501">
<p>OJ No L 141, 05.06.15, p. 73.</p>
</note>
<note class="commentary M" eId="c23049511">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/11">2000 c.11</ref>
. Part 1 of Schedule 3A was substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2007/3288">S.I. 2007/3288</ref>
. Paragraph 1 of that Schedule was amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99">S.I. 2011/99</ref>
, 2013/3115 and 2015/575. Paragraph 3 of that Schedule was amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2011/2701">S.I. 2011/2701</ref>
, 2013/3115 and 2015/575.
</p>
</note>
<note class="commentary M" eId="c23049521">
<p>
Paragraph (b) was amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99">S.I. 2011/99</ref>
and 2013/3115.
</p>
</note>
<note class="commentary M" eId="c23049531">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1974/39">1974 c.39</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049541">
<p>
Paragraph (j) was amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2008/948">S.I. 2008/948</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049551">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/692/paragraph/1/6">Paragraph 1(6)</ref>
was substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2016/680">S.I. 2016/680</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049561">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2001/544">S.I. 2001/544</ref>
. Article 72G was inserted by
<ref href="http://www.legislation.gov.uk/id/uksi/2014/366">S.I. 2014/366</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049571">
<p>
<ref href="http://www.legislation.gov.uk/id/asp/2006/1">2006 asp 1</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049581">
<p>OJ L 176, 27.6.2013, p.338.</p>
</note>
<note class="commentary M" eId="c23049591">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/11">2000 c.11</ref>
. Part 2 of Schedule 3A was substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2007/3288">S.I. 2007/3288</ref>
. Paragraph 4 was amended by paragraph 87(1), (2)(a) and (b) of Schedule 18 to the
<ref href="http://www.legislation.gov.uk/id/ukpga/2012/21">Financial Services Act 2012 (c.21)</ref>
, and by
<ref href="http://www.legislation.gov.uk/id/uksi/2014/892">S.I. 2014/892</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049601">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2001/16">2001 c. 16</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049611">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2007/2157">S.I. 2007/2157</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049621">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2002/29">2002 c. 29</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049631">
<p>OJ L 309, 25.11. 05, p.15.</p>
</note>
<note class="commentary M" eId="c23049641">
<p>OJ L 141, 05.06.15, p.73.</p>
</note>
<note class="commentary M" eId="c23049651">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2002/29">2002 c.29</ref>
. Part 1 of Schedule 9 was substituted by
<ref href="http://www.legislation.gov.uk/id/uksi/2007/3287">S.I. 2007/3287</ref>
. Paragraph 1 of that Schedule was amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99">S.I. 2011/99</ref>
, 2013/3115 and 2015/575. Paragraph 3 of that Schedule was amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2011/2701">S.I. 2011/2701</ref>
, 2013/3115 and 2015/575.
</p>
</note>
<note class="commentary M" eId="c23049661">
<p>
Paragraph (b) was amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2011/99">S.I. 2011/99</ref>
and 2013/3115.
</p>
</note>
<note class="commentary M" eId="c23049671">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/1974/39">1974 c.39</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049681">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2014/2">2014 c.2</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049691">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/692/paragraph/1/6">Paragraph 1(6)</ref>
was amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2016/680">S.I. 2016/680</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049701">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2001/544">S.I. 2001/544</ref>
. Article 3(1) was amended, but the amendments are not relevant to these Regulations.
</p>
</note>
<note class="commentary M" eId="c23049711">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/692/article/72G">Article 72G</ref>
was inserted by
<ref href="http://www.legislation.gov.uk/id/uksi/2014/366">S.I. 2014/366</ref>
, and amended by
<ref href="http://www.legislation.gov.uk/id/uksi/2015/910">S.I. 2015/910</ref>
and 2016/392.
</p>
</note>
<note class="commentary M" eId="c23049721">
<p>2006 asp.1.</p>
</note>
<note class="commentary M" eId="c23049731">
<p>OJ L 176, 27.6.2013, p.338.</p>
</note>
<note class="commentary M" eId="c23049741">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2008/28">2008 c.28</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049751">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/11">2009 c. 11</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049761">
<p>OJ L 309, 25.11. 05, p.15.</p>
</note>
<note class="commentary M" eId="c23049771">
<p>OJ L 141, 05.06.15, p.73.</p>
</note>
<note class="commentary M" eId="c23049781">
<p>OJ L 345, 8.12. 06, p.1.</p>
</note>
<note class="commentary M" eId="c23049791">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2013/22">2013 c. 22</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049801">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2014/26">2014 c. 26</ref>
.
</p>
</note>
<note class="commentary M" eId="c23049811">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2016/14">2016 c. 14</ref>
.
</p>
</note>
</notes>
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<dc:identifier>http://www.legislation.gov.uk/uksi/2017/692/schedule/7/part/1/2017-06-26</dc:identifier>
<dc:title>The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017</dc:title>
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<dc:description>These Regulations replace the Money Laundering Regulations 2007 (S.I. 2007/2157) and the Transfer of Funds (Information on the Payer) Regulations 2007 (S.I. 2007/3298) with updated provisions that implement in part the Fourth Money Laundering Directive 2015/849/EU (“fourth money laundering directive”) of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing (OJ L 141, 05.06.2015, p.73) and the Funds Transfer Regulation 2015/847/EU (“funds transfer regulation”) of the European Parliament and of the Council of 20th May 2015 on information accompanying transfers of funds (OJ L 141, 05.06.2015, p.1).</dc:description>
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<hcontainer name="schedule" eId="schedule-7" period="#period1">
<num>SCHEDULE 7</num>
<heading>Consequential Amendments</heading>
<part eId="schedule-7-part-1" period="#period1">
<num>
<strong>PART 1</strong>
</num>
<heading>Consequential Amendments to Primary Legislation</heading>
<paragraph eId="schedule-7-paragraph-1" period="#period1">
<num>1</num>
<heading>Solicitors (Scotland) Act 1980</heading>
<content>
<p>
In section 34 of the Solicitors (Scotland) Act 1980
<noteRef href="#c23049441" marker="M1" class="commentary M"/>
, after subsection (1C), insert—
</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="primary unknown main default" startQuote="" endQuote="">
<subsection eId="d4e110">
<num>1D</num>
<content>
<p>Rules made under this section may make provision as to the way in which solicitors and incorporated practices are to comply with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.</p>
</content>
</subsection>
</quotedStructure>
</mod>
<inline name="AppendText">.</inline>
</p>
</content>
</paragraph>
<paragraph eId="schedule-7-paragraph-2" period="#period1">
<num>2</num>
<heading>Northern Ireland Act 1998</heading>
<intro>
<p>
In Schedule 3 to the Northern Ireland Act 1998 (reserved matters)
<noteRef href="#c23049451" marker="M2" class="commentary M"/>
</p>
</intro>
<paragraph eId="schedule-7-paragraph-2-a">
<num>a</num>
<content>
<p>
in paragraph 25, for “the Money Laundering Regulations 2007”
<noteRef href="#c23049461" marker="M3" class="commentary M"/>
substitute “the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;
</p>
</content>
</paragraph>
<paragraph eId="schedule-7-paragraph-2-b">
<num>b</num>
<content>
<p>omit paragraph 25A.</p>
</content>
</paragraph>
</paragraph>
<paragraph eId="schedule-7-paragraph-3" period="#period1">
<num>3</num>
<heading>Financial Services and Markets Act 2000</heading>
<subparagraph eId="schedule-7-paragraph-3-1">
<num>1</num>
<content>
<p>
FSMA
<noteRef href="#c23049471" marker="M4" class="commentary M"/>
is amended as follows.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-3-2">
<num>2</num>
<content>
<p>In section 226 (complaints: the ombudsman scheme etc) after subsection (7) insert—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="primary unknown main default" startQuote="" endQuote="">
<subsection eId="d4e165">
<num>7A</num>
<content>
<p>The rules must provide that a person within subsection (7B) is eligible in relation to a complaint to which subsection (7C) applies.</p>
</content>
</subsection>
<subsection eId="d4e171">
<num>7B</num>
<intro>
<p>A person is within this subsection if he or she has been identified by a respondent, in carrying on an activity to which the rules apply, as—</p>
</intro>
<paragraph eId="d4e177">
<num>a</num>
<content>
<p>a politically exposed person;</p>
</content>
</paragraph>
<paragraph eId="d4e183">
<num>b</num>
<content>
<p>a family member of a politically exposed person; or</p>
</content>
</paragraph>
<paragraph eId="d4e189">
<num>c</num>
<content>
<p>a known close associate of a politically exposed person.</p>
</content>
</paragraph>
</subsection>
<subsection eId="d4e195">
<num>7C</num>
<intro>
<p>This subsection applies to a complaint—</p>
</intro>
<paragraph eId="d4e201">
<num>a</num>
<content>
<p>that the complainant has been incorrectly identified as a person within subsection (7B); or</p>
</content>
</paragraph>
<paragraph eId="d4e207">
<num>b</num>
<content>
<p>relating to an act or omission of the respondent in consequence of the identification of the complainant as a person within subsection (7B).</p>
</content>
</paragraph>
</subsection>
<subsection eId="d4e213">
<num>7D</num>
<content>
<p>
In subsection (7B), “
<term refersTo="#term-politically-exposed-person">politically exposed person</term>
”, “
<term refersTo="#term-family-member">family member</term>
” and “
<term refersTo="#term-known-close-associate">known close associate</term>
” have the meanings given in regulation 35(12) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
</p>
</content>
</subsection>
</quotedStructure>
</mod>
<inline name="AppendText">.</inline>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-3-3">
<num>3</num>
<content>
<p>
For the heading of Part 20C (as inserted by the Bank of England and Financial Services Act 2016)
<noteRef href="#c23049481" marker="M5" class="commentary M"/>
, substitute “Politically exposed persons: money laundering and terrorist financing”.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-3-4">
<num>4</num>
<intro>
<p>In section 333U (guidance relating to money laundering and politically exposed persons)—</p>
</intro>
<paragraph eId="schedule-7-paragraph-3-4-a">
<num>a</num>
<content>
<p>
in the heading, after “Money laundering” insert
<mod>
<quotedText>“ and terrorist financing ”</quotedText>
</mod>
; and
</p>
</content>
</paragraph>
<paragraph eId="schedule-7-paragraph-3-4-b">
<num>b</num>
<intro>
<p>in subsection (3)—</p>
</intro>
<subparagraph eId="schedule-7-paragraph-3-4-b-i">
<num>i</num>
<content>
<p>
for “Secretary of State” substitute
<mod>
<quotedText>“ Treasury ”</quotedText>
</mod>
; and
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-3-4-b-ii">
<num>ii</num>
<content>
<p>
in paragraph (b), after “by the FCA” insert
<mod>
<quotedText>“ or under the ombudsman scheme ”</quotedText>
</mod>
.
</p>
</content>
</subparagraph>
</paragraph>
</subparagraph>
</paragraph>
<paragraph eId="schedule-7-paragraph-4" period="#period1">
<num>4</num>
<heading>Terrorism Act 2000</heading>
<subparagraph eId="schedule-7-paragraph-4-1">
<num>1</num>
<content>
<p>
The Terrorism Act 2000
<noteRef href="#c23049491" marker="M6" class="commentary M"/>
is amended as follows.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-4-2">
<num>2</num>
<content>
<p>
In section 21G (other permitted disclosures etc), in subsection (1)(a), for “the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute
<mod>
<quotedText>“ the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ”</quotedText>
</mod>
.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-4-3">
<num>3</num>
<content>
<p>
In section 21H(4), for the words from “Directive
<ref href="http://www.legislation.gov.uk/european/directive/2005/0060">2005/60/EC</ref>
” to “2005” substitute
<mod>
<quotedText>
“ Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015
<noteRef href="#c23049501" marker="M7" class="commentary M"/>
</quotedText>
</mod>
.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-4-4">
<num>4</num>
<content>
<p>
Part 1 of Schedule 3A
<noteRef href="#c23049511" marker="M8" class="commentary M"/>
(business in the regulated sector) is amended in accordance with sub-paragraphs (5) to (10).
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-4-5">
<num>5</num>
<intro>
<p>In paragraph 1(1)—</p>
</intro>
<paragraph eId="schedule-7-paragraph-4-5-a">
<num>a</num>
<intro>
<p>
in paragraph (b)
<noteRef href="#c23049521" marker="M9" class="commentary M"/>
</p>
</intro>
<subparagraph eId="schedule-7-paragraph-4-5-a-i">
<num>i</num>
<content>
<p>at the end of sub-paragraph (i), omit “or”;</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-4-5-a-ii">
<num>ii</num>
<content>
<p>after sub-paragraph (i), insert—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<clause eId="d4e350">
<num>ia</num>
<intro>
<p>an undertaking whose only listed activity is as a creditor under an agreement which—</p>
</intro>
<subclause eId="d4e356">
<num>aa</num>
<content>
<p>
falls within section 12(a) of the Consumer Credit Act 1974
<noteRef href="#c23049531" marker="M10" class="commentary M"/>
(debtor-creditor-supplier agreements);
</p>
</content>
</subclause>
<subclause eId="d4e364">
<num>bb</num>
<content>
<p>provides fixed sum credit (within the meaning given in section 10(1)(b) of the Consumer Credit Act 1974 (running-account credit and fixed-sum credit)) in relation to the provision of services; and</p>
</content>
</subclause>
<subclause eId="d4e370">
<num>cc</num>
<content>
<p>provides financial accommodation by way of deferred payment or payment by instalments over a period not exceeding 12 months; or</p>
</content>
</subclause>
</clause>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-7-paragraph-4-5-b">
<num>b</num>
<content>
<p>
after paragraph (j)
<noteRef href="#c23049541" marker="M11" class="commentary M"/>
, insert—
</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<subparagraph eId="d4e387">
<num>ja</num>
<content>
<p>the carrying on of local audit work within the meaning of Schedule 5 to the Local Audit and Accountability Act 2014 (eligibility and regulation of local auditors) by any firm or individual who is a local auditor within the meaning of section 4(1) of that Act (general requirements for audit);</p>
</content>
</subparagraph>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</paragraph>
<paragraph eId="schedule-7-paragraph-4-5-c">
<num>c</num>
<intro>
<p>in paragraph (q)—</p>
</intro>
<subparagraph eId="schedule-7-paragraph-4-5-c-i">
<num>i</num>
<content>
<p>
after “involves the” insert
<mod>
<quotedText>“ making or ”</quotedText>
</mod>
;
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-4-5-c-ii">
<num>ii</num>
<content>
<p>
for “15,000” substitute
<mod>
<quotedText>“ 10,000 ”</quotedText>
</mod>
.
</p>
</content>
</subparagraph>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-4-6">
<num>6</num>
<content>
<p>In paragraph 1(5)(b), omit “contained in international standards and are”.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-4-7">
<num>7</num>
<content>
<p>
In paragraph 1(6)
<noteRef href="#c23049551" marker="M12" class="commentary M"/>
, at the end of paragraph (c) for “or” substitute
<mod>
<quotedText>“ and ”</quotedText>
</mod>
.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-4-8">
<num>8</num>
<intro>
<p>In paragraph 2(1)—</p>
</intro>
<paragraph eId="schedule-7-paragraph-4-8-a">
<num>a</num>
<content>
<p>
in paragraph (c) for “25” substitute
<mod>
<quotedText>“ 26 ”</quotedText>
</mod>
;
</p>
</content>
</paragraph>
<paragraph eId="schedule-7-paragraph-4-8-b">
<num>b</num>
<content>
<p>in paragraph (d), at the end, omit “or”;</p>
</content>
</paragraph>
<paragraph eId="schedule-7-paragraph-4-8-c">
<num>c</num>
<content>
<p>at the end, insert—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<subparagraph eId="d4e464">
<num>g</num>
<content>
<p>
the carrying on by a local authority (within the meaning given in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001)
<noteRef href="#c23049561" marker="M13" class="commentary M"/>
of an activity which would be a regulated activity for the purposes of the Financial Services and Markets Act 2000 but for article 72G of that Order; or
</p>
</content>
</subparagraph>
<subparagraph eId="d4e472">
<num>h</num>
<content>
<p>
the preparation of a home report, which for these purposes means the documents prescribed for the purposes of sections 98, 99(1) or 101(2) of the Housing (Scotland) Act 2006
<noteRef href="#c23049571" marker="M14" class="commentary M"/>
.
</p>
</content>
</subparagraph>
</quotedStructure>
</mod>
<inline name="AppendText">.</inline>
</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-4-9">
<num>9</num>
<intro>
<p>In paragraph 2(3)—</p>
</intro>
<paragraph eId="schedule-7-paragraph-4-9-a">
<num>a</num>
<content>
<p>in paragraph (a), for “£64,000” substitute “£100,000;</p>
</content>
</paragraph>
<paragraph eId="schedule-7-paragraph-4-9-b">
<num>b</num>
<content>
<p>
in paragraph (f), after “(r)” insert
<mod>
<quotedText>“ to (t) ”</quotedText>
</mod>
.
</p>
</content>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-4-10">
<num>10</num>
<intro>
<p>In paragraph 3—</p>
</intro>
<paragraph eId="schedule-7-paragraph-4-10-a">
<num>a</num>
<content>
<p>in sub-paragraph (1), at the appropriate place insert—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<p>
<term refersTo="#term-the-capital-requirements-directive">the Capital Requirements Directive</term>
” means Directive 2013/36/EU of the European Parliament and of the Council of 26th June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms
<noteRef href="#c23049581" marker="M15" class="commentary M"/>
;
</p>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</paragraph>
<paragraph eId="schedule-7-paragraph-4-10-b">
<num>b</num>
<intro>
<p>in sub-paragraph (3)—</p>
</intro>
<subparagraph eId="schedule-7-paragraph-4-10-b-i">
<num>i</num>
<content>
<p>
after “Capital Requirements Regulation” insert
<mod>
<quotedText>“ , the Capital Requirements Directive ”</quotedText>
</mod>
;
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-4-10-b-ii">
<num>ii</num>
<content>
<p>
after “Part as” insert
<mod>
<quotedText>“ in that Regulation or ”</quotedText>
</mod>
.
</p>
</content>
</subparagraph>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-4-11">
<num>11</num>
<intro>
<p>
In Part 2 of Schedule 3A
<noteRef href="#c23049591" marker="M16" class="commentary M"/>
(supervisory authorities), in paragraph 4—
</p>
</intro>
<paragraph eId="schedule-7-paragraph-4-11-a">
<num>a</num>
<content>
<p>in sub-paragraph (1), omit paragraphs (b), (ea) and (f) (but not the “and” after paragraph (f));</p>
</content>
</paragraph>
<paragraph eId="schedule-7-paragraph-4-11-b">
<num>b</num>
<intro>
<p>in sub-paragraph (2)—</p>
</intro>
<subparagraph eId="schedule-7-paragraph-4-11-b-i">
<num>i</num>
<content>
<p>after paragraph (d), insert—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<subparagraph eId="d4e577">
<num>da</num>
<content>
<p>the Chartered Institute of Legal Executives;</p>
</content>
</subparagraph>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-4-11-b-ii">
<num>ii</num>
<content>
<p>omit paragraph (f).</p>
</content>
</subparagraph>
</paragraph>
</subparagraph>
</paragraph>
<paragraph eId="schedule-7-paragraph-5" period="#period1">
<num>5</num>
<heading>Criminal Justice and Police Act 2001</heading>
<intro>
<p>
In the Criminal Justice and Police Act 2001
<noteRef href="#c23049601" marker="M17" class="commentary M"/>
</p>
</intro>
<paragraph eId="schedule-7-paragraph-5-a">
<num>a</num>
<intro>
<p>in section 68(2) (application to Scotland)—</p>
</intro>
<subparagraph eId="schedule-7-paragraph-5-a-i">
<num>i</num>
<content>
<p>
in paragraph (g), for “regulation 39(6) of the Money Laundering Regulations 2007”
<noteRef href="#c23049611" marker="M18" class="commentary M"/>
substitute “regulation 70(7) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017”;
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-5-a-ii">
<num>ii</num>
<content>
<p>omit paragraph (h);</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-7-paragraph-5-b">
<num>b</num>
<intro>
<p>in Part 1 of Schedule 1 (powers of seizure to which section 50 of the 2001 Act applies)—</p>
</intro>
<subparagraph eId="schedule-7-paragraph-5-b-i">
<num>i</num>
<content>
<p>
in the heading above paragraph 73J, for “The Money Laundering Regulations 2007” substitute
<mod>
<quotedText>“ The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ”</quotedText>
</mod>
;
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-5-b-ii">
<num>ii</num>
<content>
<p>
in paragraph 73J, for “regulation 39(6) of the Money Laundering Regulations 2007” substitute
<mod>
<quotedText>“ regulation 70(7) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ”</quotedText>
</mod>
;
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-5-b-iii">
<num>iii</num>
<content>
<p>omit paragraph 73K and the heading above it.</p>
</content>
</subparagraph>
</paragraph>
</paragraph>
<paragraph eId="schedule-7-paragraph-6" period="#period1">
<num>6</num>
<heading>Proceeds of Crime Act 2002</heading>
<subparagraph eId="schedule-7-paragraph-6-1">
<num>1</num>
<content>
<p>
The Proceeds of Crime Act 2002
<noteRef href="#c23049621" marker="M19" class="commentary M"/>
is amended as follows.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-6-2">
<num>2</num>
<content>
<p>
In section 333D (other permitted disclosures etc), in subsection (1)(a) for “the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute
<mod>
<quotedText>“ the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ”</quotedText>
</mod>
.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-6-3">
<num>3</num>
<content>
<p>
In section 333E (interpretation), in subsection (4), for the words from “Directive
<ref href="http://www.legislation.gov.uk/european/directive/2005/0060">2005/60/EC</ref>
<noteRef href="#c23049631" marker="M20" class="commentary M"/>
to “2005” substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015
<noteRef href="#c23049641" marker="M21" class="commentary M"/>
”.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-6-4">
<num>4</num>
<intro>
<p>
In Part 1 of Schedule 9
<noteRef href="#c23049651" marker="M22" class="commentary M"/>
(business in the regulated sector), in paragraph 1(1)—
</p>
</intro>
<paragraph eId="schedule-7-paragraph-6-4-a">
<num>a</num>
<intro>
<p>
in paragraph (b)
<noteRef href="#c23049661" marker="M23" class="commentary M"/>
</p>
</intro>
<subparagraph eId="schedule-7-paragraph-6-4-a-i">
<num>i</num>
<content>
<p>
for “Capital Requirements Regulation”, in both places, substitute
<mod>
<quotedText>“ Capital Requirements Directive ”</quotedText>
</mod>
;
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-6-4-a-ii">
<num>ii</num>
<content>
<p>at the end of sub-paragraph (i), omit “or”;</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-6-4-a-iii">
<num>iii</num>
<content>
<p>after sub-paragraph (i), insert—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<clause eId="d4e727">
<num>ia</num>
<intro>
<p>an undertaking whose only listed activity is as a creditor under an agreement which—</p>
</intro>
<subclause eId="d4e733">
<num>aa</num>
<content>
<p>
falls within section 12(a) of the Consumer Credit Act 1974
<noteRef href="#c23049671" marker="M24" class="commentary M"/>
(debtor-creditor-supplier agreements);
</p>
</content>
</subclause>
<subclause eId="d4e741">
<num>bb</num>
<content>
<p>provides fixed sum credit (within the meaning given in section 10(1)(b) of the Consumer Credit Act 1974 (running-account credit and fixed-sum credit)) in relation to the provision of services; and</p>
</content>
</subclause>
<subclause eId="d4e747">
<num>cc</num>
<content>
<p>provides financial accommodation by way of deferred payment or payment by instalments over a period not exceeding 12 months; or</p>
</content>
</subclause>
</clause>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-7-paragraph-6-4-b">
<num>b</num>
<content>
<p>after paragraph (j), insert—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<subparagraph eId="d4e762">
<num>ja</num>
<content>
<p>
the carrying on of local audit work within the meaning of Schedule 5 to the Local Audit and Accountability Act 2014
<noteRef href="#c23049681" marker="M25" class="commentary M"/>
(eligibility and regulation of local auditors) by any firm or individual who is a local auditor within the meaning of section 4(1) of that Act (general requirements for audit);
</p>
</content>
</subparagraph>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</paragraph>
<paragraph eId="schedule-7-paragraph-6-4-c">
<num>c</num>
<intro>
<p>in paragraph (q)—</p>
</intro>
<subparagraph eId="schedule-7-paragraph-6-4-c-i">
<num>i</num>
<content>
<p>
after “involves the” insert
<mod>
<quotedText>“ making or ”</quotedText>
</mod>
;
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-6-4-c-ii">
<num>ii</num>
<content>
<p>
for “15,000” substitute
<mod>
<quotedText>“ 10,000 ”</quotedText>
</mod>
.
</p>
</content>
</subparagraph>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-6-5">
<num>5</num>
<content>
<p>In paragraph 1(5)(b), omit “contained in international standards and are”.</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-6-6">
<num>6</num>
<content>
<p>
In paragraph 1(6)
<noteRef href="#c23049691" marker="M26" class="commentary M"/>
, at the end of paragraph (c) for “or” substitute
<mod>
<quotedText>“ and ”</quotedText>
</mod>
.
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-6-7">
<num>7</num>
<intro>
<p>In paragraph 2—</p>
</intro>
<paragraph eId="schedule-7-paragraph-6-7-a">
<num>a</num>
<content>
<p>
in sub-paragraph (1)(c) for “25” substitute
<mod>
<quotedText>“ 26 ”</quotedText>
</mod>
;
</p>
</content>
</paragraph>
<paragraph eId="schedule-7-paragraph-6-7-b">
<num>b</num>
<content>
<p>in sub-paragraph (1)(d), at the end, omit “or”;</p>
</content>
</paragraph>
<paragraph eId="schedule-7-paragraph-6-7-c">
<num>c</num>
<content>
<p>at the end, insert—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<subparagraph eId="d4e841">
<num>g</num>
<content>
<p>
the carrying on by a local authority (within the meaning given in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
<noteRef href="#c23049701" marker="M27" class="commentary M"/>
) of an activity which would be a regulated activity for the purposes of the Financial Services and Markets Act 2000 but for article 72G of that Order
<noteRef href="#c23049711" marker="M28" class="commentary M"/>
; or
</p>
</content>
</subparagraph>
<subparagraph eId="d4e851">
<num>h</num>
<content>
<p>
the preparation of a home report, which for these purposes means the documents prescribed for the purposes of sections 98, 99(1) or 101(2) of the Housing (Scotland) Act 2006
<noteRef href="#c23049721" marker="M29" class="commentary M"/>
.
</p>
</content>
</subparagraph>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</paragraph>
<paragraph eId="schedule-7-paragraph-6-7-d">
<num>d</num>
<intro>
<p>in sub-paragraph (3)—</p>
</intro>
<subparagraph eId="schedule-7-paragraph-6-7-d-i">
<num>i</num>
<content>
<p>in paragraph (a), for “£64,000” substitute “£100,000;</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-6-7-d-ii">
<num>ii</num>
<content>
<p>
in paragraph (f), after “(r)” insert
<mod>
<quotedText>“ to (t) ”</quotedText>
</mod>
.
</p>
</content>
</subparagraph>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-6-8">
<num>8</num>
<intro>
<p>In paragraph 3—</p>
</intro>
<paragraph eId="schedule-7-paragraph-6-8-a">
<num>a</num>
<intro>
<p>in sub-paragraph (1)—</p>
</intro>
<subparagraph eId="schedule-7-paragraph-6-8-a-i">
<num>i</num>
<content>
<p>at the appropriate place insert—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<p>
<term refersTo="#term-the-capital-requirements-directive">the Capital Requirements Directive</term>
” means Directive 2013/36/EU of the European Parliament and of the Council of 26th June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms
<noteRef href="#c23049731" marker="M30" class="commentary M"/>
;
</p>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-6-8-a-ii">
<num>ii</num>
<content>
<p>
at the end of the definition of “the Capital Requirements Regulation insert
<mod>
<quotedText>“ of 26th June 2013 on prudential requirements for credit institutions and investment firms ”</quotedText>
</mod>
; and
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="schedule-7-paragraph-6-8-b">
<num>b</num>
<intro>
<p>in sub-paragraph (3)—</p>
</intro>
<subparagraph eId="schedule-7-paragraph-6-8-b-i">
<num>i</num>
<content>
<p>
for “the Banking Consolidation Directive” substitute
<mod>
<quotedText>“ the Capital Requirements Regulation, the Capital Requirements Directive ”</quotedText>
</mod>
;
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-6-8-b-ii">
<num>ii</num>
<content>
<p>
after “Part as”, insert
<mod>
<quotedText>“ in that Regulation or ”</quotedText>
</mod>
.
</p>
</content>
</subparagraph>
</paragraph>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-6-9">
<num>9</num>
<intro>
<p>In Part 2 of Schedule 9 (supervisory authorities), in paragraph 4—</p>
</intro>
<paragraph eId="schedule-7-paragraph-6-9-a">
<num>a</num>
<content>
<p>in sub-paragraph (1), omit paragraphs (b), (ea) and (f) (but not the “and” after paragraph (f));</p>
</content>
</paragraph>
<paragraph eId="schedule-7-paragraph-6-9-b">
<num>b</num>
<intro>
<p>in sub-paragraph (2)—</p>
</intro>
<subparagraph eId="schedule-7-paragraph-6-9-b-i">
<num>i</num>
<content>
<p>after paragraph (d), insert—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<subparagraph eId="d4e969">
<num>da</num>
<content>
<p>the Chartered Institute of Legal Executives;</p>
</content>
</subparagraph>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-6-9-b-ii">
<num>ii</num>
<content>
<p>omit paragraph (f).</p>
</content>
</subparagraph>
</paragraph>
</subparagraph>
</paragraph>
<paragraph eId="schedule-7-paragraph-7" period="#period1">
<num>7</num>
<heading>Counter-Terrorism Act 2008</heading>
<content>
<p>
In Schedule 7 to the Counter-Terrorism Act 2008
<noteRef href="#c23049741" marker="M31" class="commentary M"/>
(terrorist financing and money laundering), for paragraph 45(3), substitute—
</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown schedule default" startQuote="" endQuote="">
<subparagraph eId="d4e995">
<num>3</num>
<content>
<p>Unless otherwise defined, expressions used in this Schedule and in Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing have the same meaning as in that Directive.</p>
</content>
</subparagraph>
</quotedStructure>
</mod>
<inline name="AppendText">.</inline>
</p>
</content>
</paragraph>
<paragraph eId="schedule-7-paragraph-8" period="#period1">
<num>8</num>
<heading>Borders, Citizenship and Immigration Act 2009</heading>
<intro>
<p>
In section 1 (general customs functions of the Secretary of State) of the Borders, Citizenship and Immigration Act 2009
<noteRef href="#c23049751" marker="M32" class="commentary M"/>
, in subsection (2)—
</p>
</intro>
<paragraph eId="schedule-7-paragraph-8-a">
<num>a</num>
<content>
<p>
in paragraph (d), for “Directive
<ref href="http://www.legislation.gov.uk/european/directive/2005/0060">2005/60/EC</ref>
on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing”
<noteRef href="#c23049761" marker="M33" class="commentary M"/>
substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing
<noteRef href="#c23049771" marker="M34" class="commentary M"/>
”;
</p>
</content>
</paragraph>
<paragraph eId="schedule-7-paragraph-8-b">
<num>b</num>
<content>
<p>
in paragraph (e), for “Regulation
<ref href="http://www.legislation.gov.uk/european/regulation/2006/1781">(EC) No 1781/2006</ref>
on information on the payer accompanying transfers of funds”
<noteRef href="#c23049781" marker="M35" class="commentary M"/>
substitute “Regulation (EU) 2015/847 of the European Parliament and of the Council of 20th May 2015 on information accompanying transfers of funds”.
</p>
</content>
</paragraph>
</paragraph>
<paragraph eId="schedule-7-paragraph-9" period="#period1">
<num>9</num>
<heading>Crime and Courts Act 2013</heading>
<content>
<p>
In Schedule 17 (offences in relation to which a deferred prosecution arrangement may be entered into) to the Crime and Courts Act 2013
<noteRef href="#c23049791" marker="M36" class="commentary M"/>
, in paragraph 27, for “regulation 45 of the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute
<mod>
<quotedText>“ regulation 86 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ”</quotedText>
</mod>
.
</p>
</content>
</paragraph>
<paragraph eId="schedule-7-paragraph-10" period="#period1">
<num>10</num>
<heading>Finance Act 2014</heading>
<content>
<p>
In Schedule 34 to the Finance Act 2014
<noteRef href="#c23049801" marker="M37" class="commentary M"/>
, in paragraph 6(4)(j) (criminal offences) for “regulation 45(1) of the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute
<mod>
<quotedText>“ regulation 86(1) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ”</quotedText>
</mod>
.
</p>
</content>
</paragraph>
<paragraph eId="schedule-7-paragraph-11" period="#period1">
<num>11</num>
<heading>Bank of England and Financial Services Act 2016</heading>
<intro>
<p>In the Bank of England and Financial Services Act 2016—</p>
</intro>
<paragraph eId="schedule-7-paragraph-11-a">
<num>a</num>
<content>
<p>
in the italic heading above section 30, after “Money laundering” insert
<mod>
<quotedText>“ and terrorist financing ”</quotedText>
</mod>
;
</p>
</content>
</paragraph>
<paragraph eId="schedule-7-paragraph-11-b">
<num>b</num>
<intro>
<p>
in section 30 (politically exposed persons: money laundering)
<noteRef href="#c23049811" marker="M38" class="commentary M"/>
</p>
</intro>
<subparagraph eId="schedule-7-paragraph-11-b-i">
<num>i</num>
<content>
<p>
in the heading, after “Money laundering” insert
<mod>
<quotedText>“ and terrorist financing ”</quotedText>
</mod>
; and
</p>
</content>
</subparagraph>
<subparagraph eId="schedule-7-paragraph-11-b-ii">
<num>ii</num>
<content>
<p>
in subsection (1) for “Secretary of State” substitute
<mod>
<quotedText>“ Treasury ”</quotedText>
</mod>
.
</p>
</content>
</subparagraph>
</paragraph>
</paragraph>
</part>
</hcontainer>
</hcontainer>
</portionBody>
</portion>
</akomaNtoso>