The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022

Modifications to regulations 74A to 74C: reporting requirements etc. for Annex 1 financial institutions

14.  Regulations 74A to 74C(1) apply to Annex 1 financial institutions as they do to cryptoasset businesses but with the following modifications—

(a) regulation 74A (reporting requirements: cryptoasset businesses) is to be read as if—

(i) in the heading, for “cryptoasset businesses” there were substituted “Annex 1 financial institutions”;

(ii) in paragraph (1), for “cryptoasset exchange provider and custodian wallet provider (“cryptoasset business”)” there were substituted “Annex 1 financial institution”;

(iii) in paragraph (1)(a)—

(aa) for “cryptoasset business” there were substituted “Annex 1 financial institution”;

(bb) “and 7A” were omitted;

(b) regulation 74B (report by a skilled person: cryptoasset businesses) is to be read as if—

(i) in the heading, for “cryptoasset businesses” there were substituted “Annex 1 financial institutions”;

(ii) in paragraph (1), for “a relevant person who is a cryptoasset exchange provider or custodian wallet provider” there were substituted “a relevant person who is an Annex 1 financial institution”;

(c) regulation 74C (directions: cryptoasset businesses) is to be read as if—

(i) in the heading, for “cryptoasset businesses” there were substituted “Annex 1 financial institutions”;

(ii) in paragraph (1), for “a cryptoasset exchange provider or custodian wallet provider (“cryptoasset business”)” there were substituted “an Annex 1 financial institution”;

(iii) in paragraph (3)(c), for “cryptoasset business” there were substituted “Annex 1 financial institution”;

(iv) in paragraph (6), for “a cryptoasset business” there were substituted “an Annex 1 financial institution”;

(v) in paragraph (9), for “cryptoasset business” there were substituted “Annex 1 financial institution”;

(vi) in paragraph (10)—

(aa) in sub-paragraph (c), in both places, for “cryptoasset business” there were substituted “Annex 1 financial institution”;

(bb) in sub-paragraphs (d) and (e), for “cryptoasset business” there were substituted “Annex 1 financial institution”;

(vii) in paragraph (12), in both places, for “cryptoasset business” there were substituted “Annex 1 financial institution”;

(viii) in paragraph (13), in both places, for “cryptoasset business” there were substituted “Annex 1 financial institution”;

(ix) in paragraph (14), for “cryptoasset business” there were substituted “Annex 1 financial institution”;

(x) in paragraph (16), for “cryptoasset business” there were substituted “Annex 1 financial institution”;

(xi) in paragraph (17), for “cryptoasset business” there were substituted “Annex 1 financial institution”;

(xii) in paragraph (18)(c), for “cryptoasset business” there were substituted “Annex 1 financial institution”;

(xiii) in paragraph (19), for “cryptoasset business” there were substituted “Annex 1 financial institution”.

(1)

Regulations 74A, 74B and 74C were inserted by S.I. 2019/1511.