# The Russia (Sanctions) (EU Exit) (Amendment) (No. 4) Regulations 2023, Regulation 3: Amendment of regulation 17A


(1) Regulation 17A is amended as follows.
(2) In the heading, for “etc.” substitute “and processing payments”.
(3) In paragraph (2), omit “sterling” in both places it occurs.
(4) For paragraph (5) substitute—
“(5) For the purposes of this regulation, a reference to “processing” a payment—
(a) includes the clearing and settlement of a payment; but
(b) does not include the act of crediting a payment, for the first time, to C where that payment is credited to an account which is—
(i) in the name of C; and
(ii) not held on behalf of, or for the benefit of, a customer of C.”.

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Source: https://www.legislation.gov.uk/uksi/2023/1364/regulation/3 (the official version)
Page: https://openlegislation.uk/russia-sanctions-eu-exit-amendment-no-4-regulations-2023/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.