Regulation 5 Part 2: Money laundering and terrorist financing - risk assessment and controls

(1)

In regulation 16—

(a)

paragraph (5) is omitted;

(b)

in paragraph (7), omit sub-paragraphs (c), (d) and (e).

(2)

In regulation 17, in paragraph (2), omit sub-paragraphs (a) and (b).

(3)

In regulation 20—

(a)

omit paragraph (2);

(b)

after paragraph (5), insert—

“(6)
The FCA may make technical standards specifying—

(a)
what additional measures are required from credit institutions and financial institutions under paragraph (4); and

(b)
the minimum action to be taken by credit institutions and financial institutions where paragraph (4) applies.”.

(4)

Omit regulation 22.