Paragraph 12 Designated money service businessesI1

United Kingdom

(1)

To enable a registered money service business which is a designated person to make a repayment, provided that—

(a)

no payments are made to a designated person, whether directly or indirectly,

(b)

the original payment did not contravene the prohibitions in regulations 14 to 18 (asset freeze etc.), and

(c)

the repayment would not be contrary to the interests of the prevention or detection of serious crime in the United Kingdom or elsewhere.

(2)

In sub-paragraph (1)—-

“money service business” has the same meaning as it has in regulation 3 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (general interpretation)^f1;
“original payment” means a payment from a person who is not a designated person (“P”) to the registered money service business which was made before the registered money service business became a designated person;
“registered money service business” means a money service business included in a register provided for by regulation 54 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (duty to maintain registers of certain relevant persons)^f2;
“repayment” means a payment from the registered money service business to P which is of the same amount as the original payment.

Annotations

f1: Although there are amendments to regulation 3 none of these amends the definition of money service business.
f2: Regulation 54(1A) was inserted by S.I. 2019/1511.