The Money Laundering Regulations 2007

1Citation, commencement etc.

2Interpretation

3Application of the Regulations

5Meaning of customer due diligence measures

6Meaning of beneficial owner

7Application of customer due diligence measures

8Ongoing monitoring

9Timing of verification

11Requirement to cease transactions etc.

12Exception for trustees of debt issues

13Simplified due diligence

14Enhanced customer due diligence and ongoing monitoring

15Branches and subsidiaries

16Shell banks, anonymous accounts etc.

18Directions where Financial Action Task Force applies counter-measures

19Record-keeping

20Policies and procedures

22Interpretation

23Supervisory authorities

24Duties of supervisory authorities

Registration of high value dealers, money service businesses and trust or company service providers

25Duty to maintain registers

26Requirement to be registered

27Applications for registration in a register maintained under regulation 25

28Fit and proper test

29Determination of applications under regulation 27

30Cancellation of registration in a register maintained under regulation 25

Requirement to inform the Authority

31Requirement on authorised person to inform the Authority

Registration of Annex I financial institutions, estate agents etc.

32Power to maintain registers

33Requirement to be registered

34Applications for and cancellation of registration in a register maintained under regulation 32

Financial provisions

35Costs of supervision

Powers of designated authorities

36Interpretation

37Power to require information from, and attendance of, relevant and connected persons

38Entry, inspection without a warrant etc.

39Entry to premises under warrant

40Failure to comply with information requirement

41Powers of relevant officers

Civil penalties, review and appeals

42Power to impose civil penalties

43Review procedure

Criminal offences

46Prosecution of offences

47Offences by bodies corporate etc.

48Recovery of charges and penalties through the court

49Obligations on public authorities

50Transitional provisions: requirement to be registered

51Minor and consequential amendments

SCHEDULE 1ACTIVITIES LISTED IN POINTS 2 TO 12 AND 14 OF ANNEX I TO THE BANKING CONSOLIDATION DIRECTIVE

2Lending including, inter alia: consumer credit, mortgage credit, factoring, with...

3Financial leasing.

4Money transmission services.

5Issuing and administering means of payment (e.g. credit cards, travellers’...

6Guarantees and commitments.

7Trading for own account or for account of customers in:...

8Participation in securities issues and the provision of services related...

9Advice to undertakings on capital structure, industrial strategy and related...

10Money broking.

11Portfolio management and advice.

12Safekeeping and administration of securities.

14Safe custody services

SCHEDULE 2FINANCIAL ACTIVITY, SIMPLIFIED DUE DILIGENCE AND POLITICALLY EXPOSED PERSONS

1Financial activity on an occasional or very limited basis

2Simplified due diligence

3For the purposes of regulation 13(8), the conditions are—

4Politically exposed persons

SCHEDULE 3PROFESSIONAL BODIES

1Association of Chartered Certified Accountants

2Council for Licensed Conveyancers

3Faculty of Advocates

4General Council of the Bar

5General Council of the Bar of Northern Ireland

6Institute of Chartered Accountants in England and Wales

7Institute of Chartered Accountants in Ireland

8Institute of Chartered Accountants of Scotland

10Law Society of Scotland

11Law Society of Northern Ireland

12Association of Accounting Technicians

13Association of International Accountants

14Association of Taxation Technicians

15Chartered Institute of Management Accountants

16Chartered Institute of Public Finance and Accountancy

17Chartered Institute of Taxation

18Faculty Office of the Archbishop of Canterbury

19Insolvency Practitioners Association

20Institute of Certified Bookkeepers

21Institute of Financial Accountants

SCHEDULE 4CONNECTED PERSONS

Corporate bodies

1If the relevant person is a body corporate (“BC”), a...

2If the relevant person is a partnership, a person who...

Unincorporated associations

3If the relevant person is an unincorporated association of persons...

4If the relevant person is an individual, a person who...

SCHEDULE 5MODIFICATIONS IN RELATION TO APPEALS

PART 1Primary legislation

1The Value Added Tax Act 1994 (c. 23)

2The Financial Services and Markets Act 2000 (c. 8)

PART 2Secondary legislation

3The Financial Services and Markets Tribunal Rules 2001

SCHEDULE 6MINOR AND CONSEQUENTIAL AMENDMENTS

PART 1Primary legislation

1The Value Added Tax Act 1994 (c. 23)

2The Northern Ireland Act 1998 (c. 47)

3The Criminal Justice and Police Act 2001 (c. 16)

PART 2Secondary legislation

4The Independent Qualified Conveyancers (Scotland) Regulations 1997

5The Executry Practitioners (Scotland) Regulations 1997

6The Cross-Border Credit Transfers Regulations 1999

7The Terrorism Act 2000 (Crown Servants and Regulators) Regulations 2001

8The Representation of the People (England and Wales) Regulations 2001

9The Representation of the People (Scotland) Regulations 2001

10The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

11The Proceeds of Crime Act 2002 (Failure to Disclose Money Laundering: Specified Training) Order 2003

12The Public Contracts (Scotland) Regulations 2006

13The Utilities Contracts (Scotland) Regulations 2006

14The Public Contracts Regulations 2006

15The Utilities Contracts Regulations 2006

2007 No. 2157

FINANCIAL SERVICES

The Money Laundering Regulations 2007

Made24th July 2007

Laid before Parliament25th July 2007

Coming into force15th December 2007

The Treasury are a government department designated1 for the purposes of section 2(2) of the European Communities Act 19722 in relation to measures relating to preventing the use of the financial system for the purpose of money laundering;

The Treasury, in exercise of the powers conferred on them by section 2(2) of the European Communities Act 1972 and by sections 168(4)(b), 402(1)(b), 417(1)3 and 428(3) of the Financial Services and Markets Act 20004, make the following Regulations: