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The Russia (Sanctions) (EU Exit) Regulations 2019
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- UK Statutory Instruments
- 2019 No. 855
- PART 8
- Regulation 70
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Changes over time for: Section 70
Version Superseded: 05/12/2022
Alternative versions:
- 31/12/2020- Amendment
- 10/02/2022
Point in time - 05/12/2022- Amendment
- 15/12/2023- Amendment
- 05/12/2024- Amendment
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Point in time view as at 10/02/2022. This version of this provision has been superseded.
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Finance: reporting obligationsU.K.
This section has no associated Explanatory Memorandum
70.—(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 67 (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 58(4) (finance: exceptions from prohibitions), or
(b)transfers funds from a frozen account in accordance with regulation 58(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 58;
“relevant firm” is to be read in accordance with regulation 71;
“relevant institution” has the same meaning as it has in regulation 58.
Commencement Information
I1Reg. 70 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)
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