PART 3AMENDMENT OF EU LEGISLATION

Subject matter, scope and definitionsI115

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.