PART 9Information and records

Finance: reporting obligations56

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), regulation 38(3) (financial transactions in relation to Libyan oil) or regulation 52 (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 or a relevant account in accordance with regulation 43(4) (finance: exceptions from prohibitions), or

b

transfers funds from a frozen account or a relevant account in accordance with regulation 43(6).

6

A person who fails to comply with a requirement in paragraph (1), (2) or (4) commits an offence.

7

In this regulation, the following terms have the same meaning as they have in regulation 43—

  • “designated person”;

  • “frozen account”;

  • “relevant account”;

  • “relevant institution”.

8

For the purposes of this regulation, “relevant firm” is to be read in accordance with regulation 57.