Regulation 56 Finance: reporting obligationsI1

A relevant firm must inform the Treasury as soon as practicable if—

Where a relevant firm informs the Treasury under paragraph (1), it must state—

Paragraph (4) applies if—

The relevant firm must also state the nature and amount or quantity of any funds or economic resources held by it for the customer at the time when it first had the knowledge or suspicion.

Where a person (“P”) knows, or has reasonable cause to suspect, that P holds funds or economic resources owned, held or controlled by a designated person, P must by no later than 30th November in each calendar year provide a report to the Treasury as to the nature and amount or quantity of those funds or economic resources held by P as of 30th September in that calendar year.

Where a report has been provided further to paragraph (4A) but as of 30th September in the following calendar year P no longer holds funds or economic resources owned, held or controlled by the designated person, P must by no later than 30th November in that calendar year report this to the Treasury.

For the purposes of paragraphs (4A) and (4B), funds or economic resources are to be treated as owned, held or controlled by a designated person if they are owned, held or controlled by a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.

A relevant institution must inform the Treasury without delay if that institution—

A person who fails to comply with a requirement in paragraph (1), (2) or (4) commits an offence.

A person commits an offence if that person, without reasonable excuse, fails to comply with a requirement in paragraph (4A) or (4B).

In this regulation, the following terms have the same meaning as they have in regulation 43—

• “designated person”;

• “frozen account”;

• “relevant account”;

• “relevant institution”.

For the purposes of this regulation, “relevant firm” is to be read in accordance with regulation 57.