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

Subject matter, scope and definitions U.K.

15.—(1) In Article 1, for “Union” substitute “ United Kingdom ”.

(2) Article 2 is amended as follows—

(a) in paragraph 1, for “Union” substitute “ United Kingdom ”;

(b) in paragraph 2, for “points (a) to (m) and (o) of Article 3 of Directive 2007/64/EC” substitute “ sub-paragraphs (a) to (m) and (o) of paragraph 2 of Schedule 1 to the Payment Services Regulations 2017 M1 ”;

(c) in paragraph 4(b), omit “within a Member State”;

(d) omit paragraph 5.

(3) Article 3 is amended as follows—

(a) in point (1) (the definition of “terrorist financing”), for “Article 1(5) of Directive (EU) 2015/849” substitute “ regulation 3(1) of the 2017 Regulations ”;

(b) for point (2) (the definition of “money laundering”), substitute—

“(2) “money laundering” has the meaning given by section 340(11) of the Proceeds of Crime Act 2002 M2 ;”;

(c) for point (5) (the definition of “payment service provider”), substitute—

“(5) “payment services provider” has the meaning given in regulation 2(1) of the Payment Services Regulations 2017;”;

(d) for point (7) (the definition of “payment account”), substitute—

“(7) “payment account” has the meaning given in regulation 2(1) of the Payment Services Regulations 2017;”;

(e) in point (8) (the definition of “funds”) for “point (15) of Article 4 of Directive 2007/64/EC” substitute “ regulation 2(1) of the Payment Services Regulations 2017 ”;

(f) in point (9) (the definition of “transfer of funds”), in point (c), for “point (13) of Article 4 of Directive 2007/64/EC” substitute “ regulation 2(1) of the Payment Services Regulations 2017 ”;

(g) after point (12), insert—

“(13) “the 2017 Regulations” means the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.”.

Commencement Information

I1 Reg. 15 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)

Marginal Citations

M1 S.I. 2017/752.

M2 2002 c. 29.