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

[F1 Access to information on the register U.K.

45ZB.— (1) The Commissioners must make the accessible information available to a person who demonstrates to the Commissioners a legitimate interest in the beneficial ownership of a trust, where that person so requests.

(2) The Commissioners must make available to a trustee, on a request by that trustee, such information as the trustee reasonably requires in order to enable a relevant person to meet the relevant person’s obligations under Part 3, where that relevant person proposes to—

(a) form a business relationship with the trust; or

(b) enter into a transaction with the trust in relation to which the relevant person is required to apply customer due diligence measures under regulation 27.

(3) The Commissioners must make the accessible information available to a person who makes a written request about a type A trust or a type B trust (within the meaning given in regulation 45ZA(2)), where the trustees of that trust have a controlling interest in a third country entity.

(4) The Commissioners may—

(a) charge a fee to any person making a request for accessible information under paragraph (1) or (3), which must not exceed such amount as the Commissioners consider will enable them to meet any expenses reasonably incurred by them in dealing with such requests, including expenses incurred in maintaining the register;

(b) require the person to submit the request in such a manner as the Commissioners may reasonably require, including by requiring the person to register in a manner specified by the Commissioners; and

(c) require the person to provide such information to support the request as the Commissioners may specify.

(5) Paragraphs (1) and (3) do not apply to the accessible information in a case where, and to the extent that, the Commissioners consider that the information should be exempt because—

(a) the Commissioners consider that making the information available would expose the beneficial owner to a disproportionate risk of fraud, kidnapping, blackmail, extortion, harassment, violence or intimidation;

(b) the beneficial owner is under the age of 18; or

(c) the beneficial owner—

(i) lacks capacity within the meaning of section 2 of the Mental Capacity Act 2005;

(ii) is incapable within the meaning of section 1 of the Adults with Incapacity (Scotland) Act 2000; or

(iii) is incapable by reason of mental disorder within the meaning of Article 3(1) of the Mental Health (Northern Ireland) Order 1986,

and in this paragraph, references to the beneficial owner include references to any other individual referred to as a potential beneficiary in a document from the settlor relating to the trust such as a letter of wishes.

(6) Where the Commissioners decide to exempt any of the accessible information in accordance with paragraph (5), the Commissioners must inform the person requesting the information of the decision, explain that the person is entitled to seek a review, and specify the period in which the person must inform the Commissioners that the person wishes to seek a review (which must not be less than 30 days beginning with the day on which the person is informed of the decision).

(7) If the person seeks a review, the Commissioners may decide to—

(a) uphold the decision to exempt the information;

(b) make the information available; or

(c) exempt less of the requested information and make more of the requested information available,

and must inform the person who made the request of their decision.

(8) For the purposes of this regulation, the “accessible information” means the details specified in paragraph (9) or (10) which are held on the register in relation to a beneficial owner of a type A trust or a type B trust (within the meaning given in regulation 45ZA(2)), or in relation to an individual referred to as a potential beneficiary in a document from the settlor relating to the trust such as a letter of wishes.

(9) The details are, in relation to an individual—

(a) the individual’s full name;

(b) the individual’s month and year of birth;

(c) the individual’s country of residence;

(d) the individual’s nationality;

(e) the nature and extent of the individual’s beneficial interest.

(10) The details are, in relation to a legal entity—

(a) the legal entity’s corporate or firm name;

(b) the registered or principal office of the legal entity;

(c) the nature of the entity’s role in relation to the trust.

(11) For the purposes of this regulation, the Commissioners must take account of the following when determining whether a person has a legitimate interest in the beneficial ownership of a trust—

(a) whether the person is involved in an investigation into [F2 money laundering, terrorist financing or proliferation financing];

(b) whether the person is making the request for accessible information in order to further an investigation into a specified suspected instance of [F3 money laundering, terrorist financing or proliferation financing];

(c) whether the disclosure of the information to that person would be likely to prejudice—

(i) any criminal investigation or criminal proceedings;

(ii) any other investigation mentioned in section 342(1) of the Proceeds of Crime Act 2002 (offences of prejudicing investigation); or

(iii) any investigation by an appropriate officer (within the meaning given in regulation 87(10)) into a potential contravention of a relevant requirement,

which is or are being, or is or are about to be, conducted;

(d) whether, having regard to the information produced by the person making the request, it is reasonable for that person to suspect that the trust is being used for [F4 money laundering, terrorist financing or proliferation financing].]

Textual Amendments

F1 Reg. 45ZB inserted (10.3.2022) by The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/991), regs. 1(4), 7(4)

F2 Words in reg. 45ZB(11)(a) substituted (1.9.2022) by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(5), 6(8)(d)

F3 Words in reg. 45ZB(11)(b) substituted (1.9.2022) by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(5), 6(8)(d)

F4 Words in reg. 45ZB(11)(d) substituted (1.9.2022) by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(5), 6(8)(d)