The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019

PART 3 U.K. AMENDMENT OF EU LEGISLATION

Regulation (EU) 2015/847 U.K.

14.  Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfer of funds and repealing Regulation (EC) No 1781/2006 is amended in accordance with regulations 15 to 19.

Commencement Information

I1 Reg. 14 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Subject matter, scope and definitions U.K.

15.—(1) In Article 1, for “Union” substitute “ United Kingdom ”.

(2) Article 2 is amended as follows—

(a) in paragraph 1, for “Union” substitute “ United Kingdom ”;

(b) in paragraph 2, for “points (a) to (m) and (o) of Article 3 of Directive 2007/64/EC” substitute “ sub-paragraphs (a) to (m) and (o) of paragraph 2 of Schedule 1 to the Payment Services Regulations 2017 M1 ”;

(c) in paragraph 4(b), omit “within a Member State”;

(d) omit paragraph 5.

(3) Article 3 is amended as follows—

(a) in point (1) (the definition of “terrorist financing”), for “Article 1(5) of Directive (EU) 2015/849” substitute “ regulation 3(1) of the 2017 Regulations ”;

(b) for point (2) (the definition of “money laundering”), substitute—

“(2) “money laundering” has the meaning given by section 340(11) of the Proceeds of Crime Act 2002 M2 ;”;

(c) for point (5) (the definition of “payment service provider”), substitute—

“(5) “payment services provider” has the meaning given in regulation 2(1) of the Payment Services Regulations 2017;”;

(d) for point (7) (the definition of “payment account”), substitute—

“(7) “payment account” has the meaning given in regulation 2(1) of the Payment Services Regulations 2017;”;

(e) in point (8) (the definition of “funds”) for “point (15) of Article 4 of Directive 2007/64/EC” substitute “ regulation 2(1) of the Payment Services Regulations 2017 ”;

(f) in point (9) (the definition of “transfer of funds”), in point (c), for “point (13) of Article 4 of Directive 2007/64/EC” substitute “ regulation 2(1) of the Payment Services Regulations 2017 ”;

(g) after point (12), insert—

“(13) “the 2017 Regulations” means the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.”.

Commencement Information

I2 Reg. 15 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M1 S.I. 2017/752.

M2 2002 c. 29.

Obligations on payment service providers U.K.

16.—(1) In Article 4, in paragraph 5—

(a) for “Article 13 of Directive (EU) 2015/849” substitute “ regulation 28 of the 2017 Regulations ”;

(b) for “Article 40 of that Directive” substitute “ regulation 40 of those Regulations ”;

(c) for “Article 14(5) of Directive (EU) 2015/849” substitute “ regulation 27(8) of the 2017 Regulations ”.

(2) In Article 5, in paragraph 1, for “Union” substitute “ United Kingdom or Gibraltar ”;

(3) In Article 6, in paragraphs 1 and 2, for “Union” substitute “ United Kingdom or Gibraltar ”;

(4) In Article 7—

(a) in paragraph 2, for “Union”, each time it occurs, substitute “ United Kingdom or Gibraltar ”;

(b) in paragraph 3, for “Articles 69 and 70 of Directive 2007/64/EC” substitute “ regulations 52 and 53 of the Payment Services Regulations 2017 ”;

(c) in paragraph 5—

(i) for “Article 13 of Directive (EU) 2015/849” substitute “ regulation 28 of the 2017 Regulations ”;

(ii) for “Article 40 of that Directive” substitute “ regulation 40 of those Regulations ”;

(iii) for “Article 14(5) of Directive (EU) 2015/849” substitute “ regulation 27(8) of the 2017 Regulations ”.

(5) In Article 8.1, for “Article 13 of Directive (EU) 2015/849” substitute “ regulation 28 of the 2017 Regulations ”.

(6) In Article 9, for “Directive (EU) 2015/849”, substitute “ the 2017 Regulations ”.

(7) In Article 11(2), for “Union” each time it occurs, substitute “ United Kingdom or Gibraltar ”.

(8) In Article 13, for “Directive (EU) 2015/849”, substitute “ the 2017 Regulations ”.

Commencement Information

I3 Reg. 16 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Information, data protection and record-retention U.K.

17.—(1) In Article 14—

(a) omit the words from “, including by” to “are established”;

(b) for “that Member State” substitute “ the United Kingdom or Gibraltar ”.

(2) In Article 15—

(a) in paragraph 1—

(i) for “[F1 Regulation (EU) 2016/679 of the European Parliament and of the Council]” substitute “ the data protection legislation (within the meaning of section 3(9) of the Data Protection Act 2018 M3 ) ”;

(ii) omit the second sentence;

(b) in paragraph 3, for “Article 10 of Directive 95/46/EC” substitute “ Article 13 of Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data ”.

Textual Amendments

F1 Words in reg. 17(2)(a)(i) substituted (31.12.2020 immediately before IP completion day) by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(3), 8(3)

Commencement Information

I4 Reg. 17 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Marginal Citations

M3 2018 c. 12.

Sanctions and monitoring U.K.

18.  Omit Articles 17 to 22.

Commencement Information

I5 Reg. 18 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Implementing powers and derogations U.K.

19.  Omit Articles 23 to 25.

Commencement Information

I6 Reg. 19 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Commission Delegated Regulation (EU) 2018/1108 U.K.

20.  Commission Delegated Regulation (EU) 2018/1108 of 7th May 2018 supplementing Directive (EU) 2015/849 of the European Parliament and of the Council with regulatory technical standards on the criteria for the appointment of central contact points for electronic money issuers and payment service providers and with rules on their functions is revoked.

Commencement Information

I7 Reg. 20 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)