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The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

S.I. 2017/692 · Extends to United Kingdom

Not fully up to date. 2 changes made by later legislation have not yet been written into this text, which is revised to 30 June 2026.

See the changes not yet applied
ProvisionChangeMade by
reg. 34AinsertedThe Money Laundering and Terrorist Financing (Amendment) Regulations 2026 reg. 20
Sch. 6 para. 7(ga)insertedThe Money Laundering and Terrorist Financing (Amendment) Regulations 2026 reg. 36(b)

Financial Services

Made at 9.20 a.m. on 22nd June 2017

Laid before Parliament at 4.30 p.m. on 22nd June 2017

Coming into force 26th June 2017

The Treasury are designated M1 for the purposes of section 2(2) of the European Communities Act 1972 M2 in relation to the prevention of money laundering and terrorist financing.

The Treasury in exercise of the powers conferred by section 2(2) of that Act and by sections 168(4)(b), 402(1)(b), 417(1) and 428(3) of the Financial Services and Markets Act 2000 M3, make the following Regulations.C1C2

Annotations to the whole text

Marginal citations

M1

S.I. 2007/2133.

M2

1972 c. 68. Section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c. 51) and by section 3 of, and the Schedule to, the European Union (Amendment) Act 2008 (c. 7). By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c. 51), an order may be made under section 2(2) of the European Communities Act 1972 to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting the Agreement signed in Brussels on 17th March 1993 (Cm 2183).

M3

2000 c.8; section 168(4)(b) was amended by the Financial Services Act 2012 (c.21), Schedule 12, Part 1; section 402(1) was amended by the Financial Services Act 2012 (c.21), Schedule 9, Parts 1 and 7; and section 417(1) was amended by section 48(1)(d) of the Financial Services Act 2012 (c.21). There are other amendments to section 417(1) which are not relevant to these Regulations.

Modifications

C1

Regulations: power to modify conferred (17.12.2024) by 2023 c. 29, ss. 13, 17 (as amended by The Financial Services and Markets Act 2023 (Addition of Relevant Enactments) Regulations 2024 (S.I. 2024/1347), regs. 1(2), 2(2)(b))

C2

Regulations applied (with modifications) (3.3.2025) by S.I. 2023/1398, reg. 6, Sch. Pt. 6 (as amended by The Financial Services and Markets Act 2023 (Digital Securities Sandbox) (Amendment) Regulations 2025 (S.I. 2025/93), regs. 1(2), 7(1))

Contents

  1. Part 1: Introduction
  2. 1Citation and commencement
  3. 2Prescribed regulations
  4. 3General interpretation
  5. 4Meaning of business relationship
  6. 5Meaning of beneficial owner: bodies corporate or partnership
  7. 6Meaning of beneficial owner: trusts, similar arrangements and others
  8. 7Supervisory authorities
  9. Part 2: Money Laundering and Terrorist Financing
  10. Chapter 1: Application
  11. 8Application
  12. 9Carrying on business in the United Kingdom
  13. 10Credit institutions and financial institutions
  14. 11Auditors and others
  15. 12Independent legal professionals and trust or company service providers
  16. 13Estate agents and letting agents
  17. 14High value dealers, casinos, auction platforms and art market participants
  18. 14ACryptoasset exchange providers and custodian wallet providers
  19. 15Exclusions
  20. Chapter 2: Risk assessment and controls
  21. 16Risk assessment by the Treasury and Home Office
  22. 16ARisk assessment by the Treasury
  23. 17Risk assessment by supervisory authorities
  24. 18Risk assessment by relevant persons
  25. 18ARisk assessment by relevant persons in relation to proliferation financing
  26. 19Policies, controls and procedures
  27. 19APolicies, controls and procedures in relation to proliferation financing
  28. 20Policies, controls and procedures: group level
  29. 21Internal controls
  30. 22Central contact points: electronic money issuers and payment service providers Repealed
  31. 23Requirement on authorised person to inform the FCA
  32. 24Training
  33. 25Supervisory action
  34. Chapter 3: Ownership and Management Restrictions
  35. 26Prohibitions and approvals
  36. Part 3: Customer Due Diligence
  37. Chapter 1: Customer due diligence: general
  38. 27Customer due diligence
  39. 28Customer due diligence measures
  40. 29Additional customer due diligence measures: credit institutions and financial institutions
  41. 30Timing of verification
  42. 30ZAInsolvent bank customers
  43. 30ARequirement to report discrepancies in registers
  44. 31Requirement to cease transactions etc
  45. 32Exception for trustees of debt issues
  46. Chapter 2: Enhanced customer due diligence
  47. 33Obligation to apply enhanced customer due diligence
  48. 34Enhanced customer due diligence: credit institutions, financial institutions and correspondent relationships
  49. 35Enhanced customer due diligence: politically exposed persons
  50. 36Politically exposed persons: other duties
  51. Chapter 3: Simplified customer due diligence
  52. 37Application of simplified customer due diligence
  53. 38Electronic money
  54. Part 4: Reliance and Record-keeping
  55. 39Reliance
  56. 40Record-keeping
  57. 41Data Protection
  58. Part 5: Beneficial Ownership Information
  59. 42Application of this Part
  60. 43Corporate bodies: obligations
  61. 44Trustee obligations
  62. 45Register of beneficial ownership
  63. 45ZARegister of beneficial ownership: additional types of trust
  64. 45ZBAccess to information on the register
  65. Part 5A: Requests for information about accounts and safe-deposit boxes Repealed
  66. 45ADuty to establish mechanism for requests Repealed
  67. 45BDuty to respond to requests for information Repealed
  68. 45CRequests for information about accounts Repealed
  69. 45DRequests for information about safe-deposit boxes Repealed
  70. 45ERequirements for making a request for information Repealed
  71. 45FAccess to requests and responses, guidance and review Repealed
  72. 45GRecord keeping Repealed
  73. 45HInterpretation Repealed
  74. Part 6: Money Laundering and Terrorist Financing: Supervision and Registration
  75. Chapter 1: Duties of supervisory authorities
  76. 46Duties of supervisory authorities
  77. 46AAnnual reports by self-regulatory organisations
  78. 47Duties of supervisory authorities: information
  79. 48Duties of the FCA: guidance on politically exposed persons
  80. 49Duties of self-regulatory organisations
  81. 50Duty to co-operate
  82. 51Regulatory information
  83. 52Disclosure by supervisory authorities and other relevant authorities
  84. 52AObligation of confidentiality
  85. 52BObligation of confidentiality: offence
  86. Chapter 2: Registration
  87. 53Interpretation
  88. 54Duty to maintain registers of certain relevant persons
  89. 55Power to maintain registers
  90. 56Requirement to be registered
  91. 56ATransitional provision for existing cryptoasset businesses: requirement to register
  92. 56BRequirement that cryptoasset firms acting as cryptoasset exchange providers or custodian wallet providers inform the FCA
  93. 57Applications for registration in a register maintained under regulation 54 or 55
  94. 58Fit and proper test
  95. 58AFit and proper test: cryptoasset businesses
  96. 59Determination of applications for registration under regulations 54 and 55
  97. 60Cancellation and suspension of registration in a register under regulation 54 or 55
  98. Chapter 3: Disclosure obligation
  99. 60ADisclosure by cryptoasset businesses
  100. 60BChanges in control of registered cryptoasset businesses
  101. Part 7: Transfer of Funds (Information on the Payer) Regulations
  102. 61Interpretation
  103. 62Transfer of funds supervisory authorities
  104. 63Duties of transfer of funds supervisory authorities
  105. 64Obligations of payment service providers
  106. Part 7A: Cryptoasset Transfers
  107. Chapter 1: Application and interpretation
  108. 64AApplication of this Part
  109. 64BInterpretation
  110. Chapter 2: Inter-cryptoasset business transfers
  111. 64CInformation accompanying an inter-cryptoasset business transfer
  112. 64DMissing or non-corresponding information: the cryptoasset business of a beneficiary
  113. 64EMissing information: intermediaries
  114. 64FRetention of information with an inter-cryptoasset business transfer: intermediaries
  115. Chapter 3: Unhosted wallet transfers
  116. 64GRequesting information: unhosted wallet transfers and cryptoasset businesses
  117. Chapter 4: Provision of information to law enforcement authorities
  118. 64HProvision of information
  119. Part 8: Information, Investigation and Directions
  120. 65Interpretation
  121. 66Power to require information
  122. 67Requests in support of other authorities
  123. 68Requests to other authorities
  124. 69Entry, inspection of premises without a warrant etc
  125. 70Entry of premises under warrant
  126. 71Retention of documents taken under regulation 66 or 70
  127. 72Provision of information and warrants: safeguards
  128. 73Admissibility of statements
  129. 74Powers of relevant officers
  130. 74AReporting requirements: cryptoasset businesses
  131. 74BReport by a skilled person: cryptoasset businesses
  132. 74CDirections: cryptoasset businesses
  133. Part 9: Enforcement
  134. Chapter 1: General
  135. 75Meaning of “relevant requirement”
  136. Chapter 2: Civil penalties and notices
  137. 76Power to impose civil penalties: fines and statements
  138. 77Power to impose civil penalties: suspension and removal of authorisation
  139. 78Power to impose civil penalties: prohibitions on management
  140. 79Imposition of civil penalties
  141. 80Injunctions
  142. 81The FCA: disciplinary measures (procedure)
  143. 82The FCA: procedure (general)
  144. 83The Commissioners: disciplinary measures (procedure)
  145. 84Publication: the FCA
  146. 85Publication: the Commissioners
  147. Chapter 3: Criminal offences, penalties and proceedings etc.
  148. 86Criminal offence
  149. 87Offences of prejudicing investigations
  150. 88Information offences
  151. 89Proceedings: general
  152. 90Proceedings: jurisdiction
  153. 91Proceedings: partnership or unincorporated association
  154. 92Offence by bodies corporate, partnership or unincorporated association
  155. Part 10: Appeals
  156. Chapter 1: Decisions of the FCA
  157. 93Appeals against decisions of the FCA
  158. Chapter 2: Decisions of the Commissioners
  159. 94Offer of review
  160. 95Review by the Commissioners
  161. 96Extensions of time
  162. 97Review out of time
  163. 98Nature of review etc
  164. 99Appeals against decisions of the Commissioners
  165. 100Appeals against decisions of the Commissioners: procedure
  166. Part 11: Miscellaneous Provisions
  167. 101Recovery of charges and penalties through the court
  168. 102Costs of supervision
  169. 103Obligations on public authorities
  170. 104Suspicious activity disclosures
  171. 104AThe United Kingdom’s financial intelligence unit
  172. 105Disclosure by the Commissioners
  173. 106General restrictions
  174. 107Transfers between the United Kingdom and the Channel Islands and the Isle of Man
  175. 108Review
  176. 109Consequential amendments
  177. 110Revocation and saving provisions
  178. Signature
  179. Schedule 1Professional Bodies
  180. Schedule 2: Listed Activities
  181. Paragraph
  182. Schedule 3: Relevant Offences
  183. 1Paragraph 1
  184. 2Paragraph 2
  185. 3Paragraph 3
  186. 4Paragraph 4
  187. 5Paragraph 5
  188. 6Paragraph 6
  189. 7Paragraph 7
  190. 8Paragraph 8
  191. 9Paragraph 9
  192. 10Paragraph 10
  193. 11Paragraph 11
  194. 12Paragraph 12
  195. 13Paragraph 13
  196. 14Paragraph 14
  197. 15Paragraph 15
  198. 16Paragraph 16
  199. 17Paragraph 17
  200. 18Paragraph 18
  201. 19Paragraph 19
  202. 20Paragraph 20
  203. 21Paragraph 21
  204. 22Paragraph 22
  205. 23Paragraph 23
  206. 24Paragraph 24
  207. 25Paragraph 25
  208. 26Paragraph 26
  209. 27Paragraph 27
  210. 27AParagraph 27A
  211. 28Paragraph 28
  212. 29Paragraph 29
  213. 30Paragraph 30
  214. 31Paragraph 31
  215. 32Paragraph 32
  216. 33Paragraph 33
  217. 34Paragraph 34
  218. 35Paragraph 35
  219. Schedule 3AZAMaterial Discrepancies
  220. Schedule 3ZAHigh-Risk Third Countries Repealed
  221. Schedule 3A: Excluded Trusts
  222. 1Legislative Trusts
  223. 1ALegislative Trusts
  224. 2Trusts imposed by court order
  225. 3Pension scheme trusts
  226. 4Trusts of insurance policies
  227. 5Charitable trusts
  228. 6Pilot trusts
  229. 6ABank accounts for minors etc
  230. 7Trusts having effect on death
  231. 8Trusts having effect on death
  232. 8ATrusts having effect on death
  233. 9Co-ownership
  234. 9AParagraph 9A
  235. 9BRevocation of survivorship destination trusts
  236. 10Financial markets infrastructure
  237. 11Professional services
  238. 12Client money etc.
  239. 13Capital markets etc.
  240. 14Commercial transactions
  241. 15Registration of assets
  242. 16Trusts meeting legislative requirements
  243. 17Paragraph 17
  244. 18Paragraph 18
  245. 19Paragraph 19
  246. 20Paragraph 20
  247. 21Paragraph 21
  248. 22Paragraph 22
  249. 23Public authorities
  250. 23AGeneral exclusion
  251. 24Interpretation
  252. Schedule 4: Supervisory Information
  253. 1Paragraph 1
  254. 2Paragraph 2
  255. 3Paragraph 3
  256. 4Paragraph 4
  257. 5Paragraph 5
  258. 6Paragraph 6
  259. 7Paragraph 7
  260. 8Paragraph 8
  261. 9Paragraph 9
  262. 10Paragraph 10
  263. 11Paragraph 11
  264. 12Paragraph 12
  265. 12AParagraph 12A
  266. 13Paragraph 13
  267. 14Paragraph 14
  268. 15Paragraph 15
  269. 15AParagraph 15A
  270. 16Paragraph 16
  271. 17Paragraph 17
  272. 18Paragraph 18
  273. 19Paragraph 19
  274. Schedule 5: Connected Persons
  275. 1Corporate Bodies
  276. 2Partnerships
  277. 3Unincorporated Associations
  278. 4Individuals
  279. Schedule 6: Meaning of “relevant requirement”
  280. 1Paragraph 1
  281. 2Paragraph 2
  282. 3Paragraph 3
  283. 4Paragraph 4
  284. 5Paragraph 5
  285. 6Paragraph 6
  286. 7Paragraph 7
  287. 8Paragraph 8
  288. 9Paragraph 9
  289. 9AParagraph 9A
  290. 10Paragraph 10
  291. 11Paragraph 11
  292. 11AParagraph 11A
  293. 12Paragraph 12
  294. 13Paragraph 13
  295. Schedule 6A: The United Kingdom’s Financial Intelligence Unit
  296. 1Interpretation
  297. 2Reports to the National Crime Agency
  298. 3Co-operation
  299. 4Provision of information in response to external requests
  300. 5Provision of information in response to external requests
  301. 6Provision of information in response to external requests
  302. 7Provision of information in response to external requests
  303. 8Provision of information in response to external requests
  304. 9Conditions and restrictions on provision or further dissemination of relevant information
  305. 10Conditions and restrictions on provision or further dissemination of relevant information
  306. 11Conditions and restrictions on provision or further dissemination of relevant information
  307. 12Conditions and restrictions on provision or further dissemination of relevant information
  308. 13Requests for information by the NCA to foreign FIUs
  309. 14Requests for information by the NCA to foreign FIUs
  310. 15Requests for information by the NCA to foreign FIUs
  311. 16Conditions and restrictions on use of information received by the NCA from foreign FIUs
  312. Schedule 6B: Changes in Control of Registered Cryptoasset Businesses
  313. 1Modifications: Control over registered cryptoasset businesses registered before 25th October 2027
  314. 2Modifications: Control over registered cryptoasset businesses registered before 25th October 2027
  315. 3Modifications: Control over registered cryptoasset businesses registered on and after 25 October 2027 Not yet in force
  316. 4Modifications: Control over registered cryptoasset businesses registered on and after 25 October 2027 Not yet in force
  317. 5Interpretation
  318. Schedule 7: Consequential Amendments
  319. Part 1: Consequential Amendments to Primary Legislation
  320. 1Solicitors (Scotland) Act 1980
  321. 2Northern Ireland Act 1998
  322. 3Financial Services and Markets Act 2000
  323. 4Terrorism Act 2000
  324. 5Criminal Justice and Police Act 2001
  325. 6Proceeds of Crime Act 2002
  326. 7Counter-Terrorism Act 2008
  327. 8Borders, Citizenship and Immigration Act 2009
  328. 9Crime and Courts Act 2013
  329. 10Finance Act 2014
  330. 11Bank of England and Financial Services Act 2016
  331. Part 2: Consequential Amendments to Secondary Legislation
  332. 12Estate Agents (Undesirable Practices) (No 2) Order 1991
  333. 13Public Interest Disclosure (Prescribed Persons) Order (Northern Ireland) 1999
  334. 14Terrorism Act 2000 (Crown Servants and Regulators) Regulations 2001
  335. 15Representation of the People (England and Wales) Regulations 2001
  336. 16Representation of the People (Scotland) Regulations 2001
  337. 17Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
  338. 18Open-Ended Investment Companies Regulations 2001
  339. 19Proceeds of Crime Act 2002 (Disclosure of information to and by Lord Advocate and Scottish Ministers) Order 2003
  340. 20Proceeds of Crime Act 2002 (Failure to Disclose Money Laundering: Specified Training) Order 2003
  341. 21Legislative and Regulatory Reform (Regulatory Functions) Order 2007
  342. 22Representation of the People (Northern Ireland) Regulations 2008
  343. 23Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009
  344. 24Payment Services Regulations 2009
  345. 25Companies (Disclosure of Address) Regulations 2009
  346. 26Overseas Companies Regulations 2009
  347. 27Defence and Security Public Contracts Regulations 2011 Repealed
  348. 28Electronic Money Regulations 2011
  349. 29Terrorism Act 2000 and Proceeds of Crime Act 2002 (Business in the Regulated Sector) (No 2) Order 2012
  350. 30Payment to Treasury of Penalties (Enforcement Costs) Order 2013
  351. 31Public Interest Disclosure (Prescribed Persons) Order 2014
  352. 32Companies (Disclosure of Date of Birth Information) Regulations 2015
  353. 33Payment Accounts Regulations 2015
  354. 34Register of People with Significant Control Regulations 2016
  355. 35Economic Growth (Regulatory Functions) Order 2017
  356. Explanatory note