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The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
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- UK Statutory Instruments
- 2017 No. 692
- PART 1
- Regulation 4
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Changes to legislation:
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, Section 4 is up to date with all changes known to be in force on or before 23 February 2025. 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.
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Changes and effects yet to be applied to Regulation 4:
- Regulations modified by S.I. 2023/1398, Sch. Pt. 6 (as inserted) by S.I. 2025/93 reg. 7(1)
Meaning of business relationshipU.K.
This section has no associated Explanatory Memorandum
4.—(1) For the purpose of these Regulations, “business relationship” means a business, professional or commercial relationship between a relevant person and a customer, which—
(a)arises out of the business of the relevant person, and
(b)is expected by the relevant person, at the time when contact is established, to have an element of duration.
[F1(2) A relationship where the relevant person is asked to provide one or more of the services described in regulation 12(2)(a), (b) or (d) is to be treated as a business relationship for the purpose of these Regulations, whether or not the relationship is otherwise expected to have an element of duration.]
(3) For the purposes of these Regulations, an estate agent is to be treated as entering into a business relationship with a purchaser (as well as with a seller), at the point when the purchaser's offer is accepted by the seller.
Textual Amendments
F1Reg. 4(2) substituted (1.9.2022) by The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (S.I. 2022/860), regs. 1(5), 4(1)
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