SCHEDULES

SCHEDULE 12 Forfeiture of money: electronic money institutions and payment institutions

Proceeds of Crime Act 2002 (c. 29)

14 (1) Section 303Z1 (application for account freezing order) is amended as follows.

(2) In subsection (1), for “bank or building society” substitute “relevant financial institution”.

(3) After subsection (5) insert—

“(5A) In this Chapter as it extends to England and Wales and Scotland, “relevant financial institution” means—

(a) a bank,

(b) a building society,

(c) an electronic money institution, or

(d) a payment institution.”

(4) After subsection (5A) insert—

“(5B) In this Chapter as it extends to Northern Ireland, “relevant financial institution” means—

(a) a bank, or

(b) a building society.”

(5) In subsection (6), at the appropriate places insert—

• ““electronic money institution” has the same meaning as in the Electronic Money Regulations 2011 (S.I. 2011/99) (see regulation 2 of those Regulations);”, and

• ““payment institution” means an authorised payment institution or a small payment institution (each as defined in regulation 2 of the Payment Services Regulations 2017 (S.I. 2017/752));”.