- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
69.—(1) A relevant firm must inform the Treasury as soon as practicable if—
(a)it knows, or has reasonable cause to suspect, that a person—
(i)is a designated person, or
(ii)has committed an offence under any provision of Part 3 (Finance) or regulation 65 (finance: licensing offences), and
(b)the information or other matter on which the knowledge or cause for suspicion is based came to it in the course of carrying on its business.
(2) Where a relevant firm informs the Treasury under paragraph (1), it must state—
(a)the information or other matter on which the knowledge or suspicion is based, and
(b)any information it holds about the person by which the person can be identified.
(3) Paragraph (4) applies if—
(a)a relevant firm informs the Treasury under paragraph (1) that it knows, or has reasonable cause to suspect, that a person is a designated person, and
(b)that person is a customer of the relevant firm.
(4) The relevant firm must also state the nature and amount or quantity of any funds or economic resources held by it for the customer at the time when it first had the knowledge or suspicion.
(5) A relevant institution must inform the Treasury without delay if that institution—
(a)credits a frozen account in accordance with regulation 55(4) (finance: exceptions from prohibitions), or
(b)transfers funds from a frozen account in accordance with regulation 55(6).
(6) A person who fails to comply with a requirement in paragraph (1), (2) or (4) commits an offence.
(7) In this regulation—
“designated person” has the same meaning as it has in Chapter 1 of Part 3 (Finance);
“frozen account” has the same meaning as it has in regulation 55;
“relevant firm” is to be read in accordance with regulation 70;
“relevant institution” has the same meaning as it has in regulation 55.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: