Regulation 4 The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

(1)

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017^f1 are amended as follows.

(2)

In regulation 33(6)(a)(viii) (obligation to apply enhanced customer due diligence)—

(a)

for “an EEA state” substitute “a state”;

(b)

for “that EEA state” substitute “that state”.

(3)

In regulation 50 (duty to co-operate)—

(a)

in paragraph (1), omit sub-paragraph (c);

(b)

after paragraph (1), insert—

“(1A)
A supervisory authority may take such steps as it considers appropriate to co-operate with overseas authorities—

(a)
for the purposes of these Regulations, and

(b)
to ensure the effective supervision of a relevant person to which paragraph (2) applies.”;

(c)

in paragraph (3)(b), in the opening words, for “an EEA state” substitute “a third country”.

(4)

For regulation 52A(4)(b) (obligation of confidentiality) substitute—

“(b)
a UK authority and a competent authority in a third country supervising any credit or financial institution in accordance with—

(i)
the fourth money laundering directive or other legislative acts relating to credit institutions or financial institutions;

(ii)
laws imposing requirements on credit institutions or financial institutions which have an equivalent effect to those laid down in the fourth money laundering directive.”.

Annotations

Footnotes

f1: S.I. 2017/692, amended by S.I. 2019/1511.