{
  "url": "https://openlegislation.uk/money-laundering-regulations-1993/crossheading-general/regulation-4",
  "json_url": "https://openlegislation.uk/money-laundering-regulations-1993/crossheading-general/regulation-4.json",
  "legislation": "uksi/1993/1933",
  "legislation_title": "The Money Laundering Regulations 1993",
  "legislation_url": "https://openlegislation.uk/money-laundering-regulations-1993",
  "path": "crossheading/general/regulation/4",
  "kind": "regulation",
  "number": "4",
  "heading": "Relevant financial business",
  "text": "(1) For the purposes of these Regulations, “relevant financial business” means, subject to paragraph (2) below, the business of engaging in one or more of the following—\n(a) deposit-taking business carried on by a person who is for the time being authorised under the Banking Act 1987;\n(b) acceptance by a building society of deposits made by any person (including the raising of money from members of the society by the issue of shares);\n(c) business of the National Savings Bank;\n(d) business carried on by a credit union within the meaning of the Credit Unions Act 1979 or the Credit Unions (Northern Ireland) Order 1985;\n(e) any home regulated activity carried on by a European institution in respect of which the requirements of paragraph 1 of Schedule 2 to the Banking Coordination (Second Council Directive) Regulations 1992 have been complied with;\n(f) investment business within the meaning of the Financial Services Act 1986;\n(g) any activity carried on for the purpose of raising money authorised to be raised under the National Loans Act 1968 under the auspices of the Director of National Savings;\n(h) any of the activities in points 1 to 12, or 14, of the Annex to the Second Banking Coordination Directive (the text of which is, for convenience of reference, set out in the Schedule to these Regulations), other than an activity falling within sub-paragraphs (a) to (g) above;\n(i) insurance business carried on by a person who has received official authorisation pursuant to Article 6 or 27 of the First Life Directive.\n(2) A business is not relevant financial business in so far as it consists of—\n(a) any of the following activities carried on by a society registered under the Industrial and Provident Societies Act 1965—\n(i) the issue of withdrawable share capital within the limit set by section 6 of that Act; or\n(ii) the acceptance of deposits from the public within the limit set by section 7(3) of that Act;\n(b) the issue of withdrawable share capital within the limit set by section 6 of the Industrial and Provident Societies Act (Northern Ireland) 1969 by a society registered under that Act;\n(c) activities carried on by the Bank of England;\n(d) in relation to any person who is an exempted person for the purposes of section 45 of the Financial Services Act 1986 (miscellaneous exemptions for holders of certain judicial and other offices), such of the activities as are specified in that section in relation to that person; or\n(e) in relation to any person who is an exempted person for the purposes of any order made under section 46 of the Financial Services Act 1986 which was made before the date on which these Regulations come into force, any activities carried on by him or, as the case may be, such of the activities as are specified in such an order in relation to him.\n(3) For the purposes of paragraph (1)(f) above, any reference in these Regulations to the carrying on of relevant financial business in the United Kingdom shall be construed in accordance with section 1(3) of the Financial Services Act 1986.\n(4) In this regulation—\n“building society” has the same meaning as in the Building Societies Act 1986;\n“deposit-taking business” has the same meaning as in the Banking Act 1987;\n“the First Life Directive” means the First Council Directive on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of direct life assurance (No. 79/267/EEC); and\n“the Second Banking Coordination Directive” means the Second Council Directive on the coordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions (No. 89/646/EEC).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1987 c. 22."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "1979 c. 34."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "S.I. 1985/1205 (N.I. 12)."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "S.I. 1992/3218."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "1986 c. 60."
    },
    {
      "type": "footnote",
      "label": "f6",
      "text": "1968 c. 13."
    },
    {
      "type": "footnote",
      "label": "f7",
      "text": "1965 c. 12."
    },
    {
      "type": "footnote",
      "label": "f8",
      "text": "Section 6 has been amended by the Industrial and Provident Societies (Increase in Shareholding Limit) Order 1981 (S.I. 1981/395) and by section 4 of, and paragraph 8 of Schedule 2 to, the Housing (Consequential Provisions) Act 1985 (c. 71)."
    },
    {
      "type": "footnote",
      "label": "f9",
      "text": "Section 7(3) has been amended by the Industrial and Provident Societies (Increase in Deposit-taking Limits) Order 1981 (S.I. 1981/394)."
    },
    {
      "type": "footnote",
      "label": "f10",
      "text": "1969 c. 24; section 6 has been amended by the Industrial and Provident Societies (Increase in Shareholding Limit) Regulations (Northern Ireland) 1991 (S.R. 1991 No. 375)."
    },
    {
      "type": "footnote",
      "label": "f11",
      "text": "1986 c. 60; section 45 has been amended by section 78(1) of, and paragraph 14 of Schedule 6 to, the Charities Act 1992 (c. 41) and by regulation 55 of, and paragraph 8 of Schedule 9 to, the Banking Coordination (Second Council Directive) Regulations 1992 (S.I. 1992/3218)."
    },
    {
      "type": "footnote",
      "label": "f12",
      "text": "At the date on which these Regulations were laid, the following orders had been made under section 46 of the Financial Services Act 1986: S.I’s 1988/350, 1988/723, 1989/431, 1990/696, 1990/1492, 1990/2235, 1991/493 and 1991/1516."
    },
    {
      "type": "footnote",
      "label": "f13",
      "text": "OJ No. L63, 13.3.79, p.1, as amended by the 1979 Act of Accession (Greece) (OJ No. L291, 19.11.79, p.17), the 1985 Act of Accession (Portugal and Spain) (OJ No. L302, 15.11.85, p.23) and Council Directive 90/619/EEC."
    },
    {
      "type": "footnote",
      "label": "f14",
      "text": "OJ No. L386, 30.12.89, p.1."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1993/1933/crossheading/general/regulation/4",
    "retrieved_at": "2026-10-29T13:52:44.305789+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}