The Money Laundering Regulations 2007 (revoked)

Transitional provisions: requirement to be registeredU.K.

This section has no associated Explanatory Memorandum

50.—(1) Regulation 26 does not apply to an existing money service business, an existing trust or company service provider[F1, an existing high value dealer, an existing bill payment service provider or an existing telecommunication, digital and IT payment service provider] until—

(a)where it has applied in accordance with regulation 27 before the specified date for registration in a register maintained under regulation 25(1) (a “new register”)—

(i)the date it is included in a new register following the determination of its application by the Commissioners; or

(ii)where the Commissioners give it notice under regulation 29(2)(b) of their decision not to register it, the date on which the Commissioners state that the decision takes effect or, where a statement is included in accordance with paragraph (3)(b), the time at which the Commissioners give it such notice;

(b)in any other case, the specified date.

(2) The specified date is—

(a)in the case of an existing money service business, 1st February 2008;

(b)in the case of an existing trust or company service provider, 1st April 2008;

(c)in the case of an existing high value dealer, the first anniversary which falls on or after 1st January 2008 of the date of its registration in a register maintained under regulation 10 of the Money Laundering Regulations 2003.

[F2(d)in the case of an existing bill payment service provider or an existing telecommunication, digital and IT payment service provider, 1st March 2010.]

(3) In the case of an application for registration in a new register made before the specified date by an existing money service business, an existing trust or company service provider[F3, an existing high value dealer, an existing bill payment service provider or an existing telecommunication, digital and IT payment service provider], the Commissioners must include in a notice given to it under regulation 29(2)(b)—

(a)the date on which their decision is to take effect; or

(b)if the Commissioners consider that the interests of the public require their decision to have immediate effect, a statement to that effect and the reasons for it.

(4) In the case of an application for registration in a new register made before the specified date by an existing money services business or an existing trust or company service provider, the Commissioners must give it a notice under regulation 29(2) by—

(a)in the case of an existing money service business, 1st June 2008;

(b)in the case of an existing trust or company service provider, 1st July 2008; or

(c)where applicable, 45 days beginning with the date on which they receive any further information required under regulation 27(3).

(5) In this regulation—

  • [F4existing bill payment service provider” and “existing telecommunication, digital and IT payment service provider” mean a bill payment service provider or a telecommunication, digital and IT payment service provider carrying on business in the United Kingdom immediately before 1st November 2009;]

  • “existing money service business” and an “existing high value dealer” mean a money service business or a high value dealer which, immediately before 15th December 2007, was included in a register maintained under regulation 10 of the Money Laundering Regulations 2003;

  • “existing trust or company service provider” means a trust or company service provider carrying on business in the United Kingdom immediately before 15th December 2007.

Textual Amendments