- Latest available (Revised)
- Original (As enacted)
This version of this provision is prospective.
The term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section. A version of a provision is prospective either:
Commencement Orders listed in the ‘Changes to Legislation’ box as not yet applied may bring this prospective version into force.
Bank of England and Financial Services Act 2016, Section 30 is up to date with all changes known to be in force on or before 05 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Prospective
(1)In any regulations or orders transposing money laundering measures contained within Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 (or in relation to any subsequent EU amending or successor measure) the [F2Treasury] shall have a duty to ensure, insofar as such regulations or orders relate to institutions regulated by the Financial Conduct Authority—
(a)reasonable regard and due prominence is given to—
(i)recital 33,
(ii)Article 13(2),
(iii)Article 15, and
(iv)Article 16 and Annex II;
(b)clarity is achieved with respect to the meaning and interpretation of “prominent public function” in the context of money laundering;
(c)reasonable regard and due prominence is given to Article 22 which recognises that a politically exposed person may have no prominent public function; and
(d)any interpretation of “adequate” in Article 20(b)(ii), and “enhanced” in Article 20(b)(iii) takes account of, and gives due prominence to, the provisions in Article 13 on risk sensitivity.
(2)The Financial Services and Markets Act 2000 is amended as follows.
(3)After Part 20B insert—
(1)The FCA must, prior to relevant regulations coming into force, issue guidance to regulated entities on the definition of one or more categories of politically exposed persons (“PEPs”).
(2)Guidance under subsection (1) must include, but need not be limited to—
(a)a requirement to take a proportional, risk-based and differentiated approach to conducting transactions or business relationships with each category of PEP that may be defined; and
(b)specified categories of persons to be—
(i)included in, and
(ii)excluded from,
any definitions of PEPs.
(3)The Secretary of State may, by regulations, make provision about—
(a)the guidance issued, amended or reissued under subsection (1);
(b)arrangements for complaints about the treatment of individuals by regulated entities to be received, assessed and adjudicated by the FCA, where—
(i)a person was treated as though he or she was a PEP (and he or she was not),
(ii)a person who is a PEP was treated unreasonably in disregard of guidance under subsection (1), particularly in regard to specific elements required under subsection (2)(a), or
(iii)a person was refused a business relationship solely on the basis that he or she is a PEP,
(c)circumstances in which—
(i)compensation payments are to be required from, or
(ii)financial penalties are to be imposed on,
regulated entities where complaints under paragraph (b) are upheld.
(4)For the purposes of subsection (1), “relevant regulations” means regulations transposing into United Kingdom law measures that EU Member States are required to implement to combat money laundering (or subsequent regulations amending those regulations) that contain references to PEPs.
(5)The power to make regulations under subsection (3) is exercisable by statutory instrument which may only be made after a draft of any such instrument has been laid before, and approved by a resolution of, each House of Parliament.”
Textual Amendments
F1Words in s. 30 heading inserted (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), reg. 1(2), Sch. 7 para. 11(b)(i) (with regs. 8, 15)
F2Word in s. 30(1) substituted (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), reg. 1(2), Sch. 7 para. 11(b)(ii) (with regs. 8, 15)
Modifications etc. (not altering text)
C1S. 30(1) excluded (26.6.2017) by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692), regs. 1(2), 36(1) (with regs. 8, 15)
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: