The Economic Crime (Anti-Money Laundering) Levy Regulations 2022

[F1 PART 7 U.K. Information Requirements

Textual Amendments

F1 Pts. 7-10 inserted (with effect in relation to the financial year beginning with April 2022 and subsequent financial years) by The Economic Crime (Anti-Money Laundering) Levy (Amendment) Regulations 2023 (S.I. 2023/369), regs. 1(2), 11

Requirement to provide information or documents where the appropriate collection authority is the Financial Conduct Authority or the Gambling Commission U.K.

16.— (1)  This regulation applies where the appropriate collection authority is the Financial Conduct Authority or the Gambling Commission.

(2) A person liable to pay the levy must supply the appropriate collection authority with such information or documents as the appropriate collection authority may request in connection with the levy.

(3) A request under paragraph (2) may specify—

(a) the form and manner in which the information or documents are to be supplied;

(b) the period within which the information or documents are to be supplied.

Duty to keep and preserve records U.K.

17.— (1) A person liable to pay the levy must—

(a) keep such records as may be needed to enable them to make a complete and accurate economic crime (anti-money laundering) levy return,

(b) preserve those records until at least the end of the relevant day, and

(c) preserve those records in a medium that allows the storage of information in a way that is accessible for future reference by the appropriate collection authority when the appropriate collection authority is carrying out functions under Part 3 of the Act or under these Regulations.

(2) In paragraph (1)(b), “relevant day” means—

(a) the sixth anniversary of the end of the period for which the person may be required to make an economic crime (anti-money laundering) levy return, or

(b) such earlier day as may be specified in writing by the appropriate collection authority (and different days may be specified for different cases).

(3) In paragraph (1)(c), the obligation to ensure that storage is accessible for future reference by the appropriate collection authority includes the requirements that—

(a) the appropriate collection authority must be able to access the record readily,

(b) the appropriate collection authority must be able to easily ascertain—

(i) if any correction or other amendment has been made to a record, and

(ii) the content of any record prior to such correction or amendment, and

(c) it must not be possible for any record to be otherwise manipulated or altered.]