# The Immigration Act 2014 (Current Accounts) (Compliance &c) Regulations 2016, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations prescribe information, manner and form and timing requirements for the purposes of the statutory regime governing immigration checks of current accounts by banks and building societies under sections 40A to 40H of the Immigration Act 2014 (c. 22)(“the Act”). Sections 40A to 40H were inserted into the Act by section 45 of and Schedule 7 to the Immigration Act 2016 (c. 19). Accounts excluded from the regime, and additional requirements under section 40B of the Act are prescribed by the Immigration Act 2014 (Current Accounts)(Excluded Accounts and Notification Requirements) Regulations 2017.
Regulation 2 of these Regulations requires immigration checks (as defined in section 40A(2) of the Act) to be carried out by banks and building societies on a quarterly basis, beginning with the quarter that commences on 1st January 2018.
Regulation 3 prescribes the information that the Secretary of State must provide to a bank or building society to enable it to comply with its obligations under section 40G of the Act. That section requires the closure, or restriction of operation of a current account where a freezing order (made by a court) has not been applied for, has not been granted by the court, or has been discharged.
Regulation 4 requires a bank or building society to inform the Secretary of State of the steps it has taken to comply with section 40G, either during the quarter in which the steps were taken, or during the next quarter if the steps were taken within the final two weeks of a quarter. It further requires the information to be communicated by means of a website operated by the Secretary of State for that purpose. The information must include the identity of the bank or building society submitting it, and the date of submission.
An impact assessment has been produced for this instrument and is available from Her Majesty’s Treasury, 1 Horse Guards Road London SW1A 2HQ or on www.gov.uk, and is published alongside the Regulations on legislation.gov.uk.

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Source: https://www.legislation.gov.uk/uksi/2016/1073/note (the official version)
Page: https://openlegislation.uk/immigration-act-2014-current-accounts-compliance-c-regulations-2016/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.