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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 9
- CHAPTER 2
- Regulation 78
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The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, Section 78 is up to date with all changes known to be in force on or before 01 March 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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Power to impose civil penalties: prohibitions on managementU.K.
This section has no associated Explanatory Memorandum
78.—(1) Paragraph (2) applies if a designated supervisory authority considers that another person who was at the material time an officer of P was knowingly concerned in a contravention of a relevant requirement by P.
(2) The designated supervisory authority may impose one of the following measures on the person concerned—
(a)a temporary prohibition on the individual concerned holding an office or position involving responsibility for taking decisions about the management of a relevant person or a payment service provider (“having a management role”);
(b)a permanent prohibition on the individual concerned having a management role.
(3) A prohibition may be expressed to expire at the end of such period as the designated supervisory authority may specify, but the imposition of a prohibition under paragraph (2)(a) that expires at the end of a specified period does not affect the designated supervisory authority's power to impose a new prohibition under paragraph (2)(a).
(4) A prohibition imposed under paragraph (2) may be expressed to be a prohibition on an individual having a management role in—
(a)a named relevant person or payment service provider;
(b)a relevant person or payment service provider of a description specified by the designated supervisory authority when the prohibition is imposed; or
(c)any relevant person or payment service provider.
(5) A relevant person or payment service provider must take reasonable care to ensure that no individual who is subject to a prohibition under paragraph (2) on having a management role with that relevant person or payment service provider is given such a role, or continues to act in such a role.
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