# The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022, Regulation 14: Modifications to regulations 74A to 74C: reporting requirements etc. for Annex 1 financial institutions


Regulations 74A to 74C 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”.

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Source: https://www.legislation.gov.uk/ukdsi/2022/9780348236347/regulation/14 (the official version)
Page: https://openlegislation.uk/draft-money-laundering-and-terrorist-financing-amendment-no-2-regulations-2022/regulation-14
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.