Regulation 15 Subject matter, scope and definitions

in paragraph 1, for “Union” substitute “United Kingdom”;

in paragraph 2, for “points (a) to (m) and (o) of Article 3 of Directive 2007/64/EC” substitute “sub-paragraphs (a) to (m) and (o) of paragraph 2 of Schedule 1 to the Payment Services Regulations 2017^f1”;

in paragraph 4(b), omit “within a Member State”;

omit paragraph 5.

in point (1) (the definition of “terrorist financing”), for “Article 1(5) of Directive (EU) 2015/849” substitute “regulation 3(1) of the 2017 Regulations”;

for point (2) (the definition of “money laundering”), substitute—

“(2)

“money laundering” has the meaning given by section 340(11) of the Proceeds of Crime Act 2002^f2;”;

for point (5) (the definition of “payment service provider”), substitute—

“(5)

“payment services provider” has the meaning given in regulation 2(1) of the Payment Services Regulations 2017;”;

for point (7) (the definition of “payment account”), substitute—

“(7)

“payment account” has the meaning given in regulation 2(1) of the Payment Services Regulations 2017;”;

in point (8) (the definition of “funds”) for “point (15) of Article 4 of Directive 2007/64/EC” substitute “regulation 2(1) of the Payment Services Regulations 2017”;

in point (9) (the definition of “transfer of funds”), in point (c), for “point (13) of Article 4 of Directive 2007/64/EC” substitute “regulation 2(1) of the Payment Services Regulations 2017”;

after point (12), insert—

“(13)

“the 2017 Regulations” means the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.”.