SCHEDULES

SCHEDULE 7Terrorist financing and money laundering

Part 2Persons to whom a direction may be given

Meaning of “credit institution” and “financial institution”

5

F21

Credit institution” means a credit institution, as defined in F6Article 4(1)(1) of the capital requirements regulation, when it accepts deposits or other repayable funds from the public or grants credits for its own account (within the meaning of that directive).

2

“Financial institution” means—

a

an undertaking, including a money service business, when it carries out one or more of the activities listed in points 2 to 12 F5, 14 and 15 of F7Schedule 2 to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, other than—

i

a credit institution;

ii

an undertaking whose only listed activity is trading for own account in one or more of the products listed in point 7 of F7Schedule 2 to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 where the undertaking does not have a customer,

and for this purpose “customer” means a person who is not a member of the same group as the undertaking;

b

an insurance company duly authorised in accordance with the life assurance consolidation directive, when it carries out activities covered by that directive;

F3ba

a person equivalent to an insurance company within paragraph (b) whose head office is located in a non-EEA state, when carrying out activities of the kind mentioned in paragraph (b);

c

a person whose regular occupation or business is the provision to other persons of an investment service or the performance of an investment activity on a professional basis, when providing or performing investment services or activities (within the meaning of the markets in financial instruments directive), other than a person falling within Article 2 of that directive;

d

a collective investment undertaking, when marketing or otherwise offering its units or shares;

e

an insurance intermediary as defined in Article 2(5) of Directive 2002/92/EC of the European Parliament and of the Council of 9th December 2002 on insurance mediation (other than a tied insurance intermediary as mentioned in Article 2(7) of that Directive), when it acts in respect of contracts of long-term insurance within the meaning given by article 3(1) of, and Part II of Schedule 1 to, the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544);

F4f

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

g

an insurance company (as defined by section 1165(3) of the Companies Act 2006 (c. 46));

h

the National Savings Bank;

i

the Director of Savings, when money is raised under the auspices of the Director under the National Loans Act 1968 (c. 13).

F13

The fact that an institution's head office is located in a non-EEA state does not prevent it from being a credit institution or a financial institution for the purposes of this Schedule.