Paragraph 2 I1

United Kingdom

(1)

A relevant institution must as soon as practicable inform the Treasury if it knows or suspects that a relevant person—

(a)

is a designated person;

(b)

is acting on behalf or at the direction of a designated person;

(c)

is owned or controlled by a designated person; or

(d)

has committed an offence under regulation 6, 7, 9 or 10.

(2)

A relevant institution, where it informs the Treasury under sub-paragraph (1), must state—

(a)

the information or other matter on which the knowledge or suspicion is based;

(b)

any information it holds about the relevant person by which the person can be identified; and

(c)

the nature and amount or quantity of any funds or economic resources held by the relevant institution for the relevant person since these Regulations came into force.

(3)

A relevant institution must inform the Treasury without delay if it credits a frozen account in accordance with regulation 8(2).

(4)

A relevant institution which fails to comply with a requirement in sub-paragraph (1), (2) or (3) is guilty of an offence.

(5)

In this paragraph, “relevant person” means—

(a)

a customer of the institution;

(b)

a person who has been a customer of the institution at any time on or after 20th April 2007 ^f1; or

(c)

a person with whom the institution has had dealings in the course of its business since that date.

Paragraph 2 I1

Annotations

Commencement

Footnotes