1.—(1) These Regulations may be cited as the Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017 and come into force on 18th January 2018.
(2) Regulation 28 extends to Scotland only.
2. In these Regulations—
F1...
“the FCA” means the Financial Conduct Authority;
“fourth money laundering directive” means Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing M1;
“FSMA” means the Financial Services and Markets Act 2000 M2;
“the MLR” means the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 M3;
“self-regulatory organisation” means one of the professional bodies listed in Schedule 1 to the MLR;
“supervision requirement” means any requirement imposed by the MLR on a self-regulatory organisation (whether imposed on a self-regulatory organisation in terms or in its capacity as a supervisory authority within the meaning given by regulation 3 of the MLR).
Textual Amendments
F1Words in reg. 2 omitted (31.12.2020) by virtue of The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/253), regs. 1(2), 13(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Marginal Citations
M1OJ L 141, 05.06.15, p. 73.
3. The FCA must have regard to the importance of ensuring that self-regulatory organisations comply with any supervision requirement—
(a)when discharging the FCA's functions under these Regulations; and
(b)in drafting any guidance in relation to self-regulatory organisations that the FCA may issue under section 139A of FSMA M4 in relation to the MLR.
Marginal Citations
M4Section 139A was inserted by section 24(1) of the Financial Services Act 2012 (c.21).