The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020
| Jurisdiction | UK Non-devolved |
| Citation | SI 2020/991 |
(1) These Regulations may be cited as the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020.(2) Parts 1 to 3 come into force 21 days after the day on which they are laid, except as specified in paragraphs (3) and (4) .(3) Regulation 7(2) (a) (substitution of paragraph (3) of regulation 45: register of beneficial ownership information) comes into force on 6th April 2021.(4) Regulation 5 (substitution of regulation 30A: reporting discrepancies: trusts) and regulation 7(4) (insertion of new regulation 45ZB: access to information on the register) come into force on F11st September 2022.(5) Part 4 comes into force on IP completion day.The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
in paragraph (5) , after “Paragraphs (3) (b) ” insert “, (3A) ”; in paragraph (19) (b) , for the words “an appropriate level of assurance” to the end, substitute “assurance that the person claiming a particular identity is in fact the person with that identity, to a degree that is necessary for effectively managing and mitigating any risks of money laundering and terrorist financing”. (1) In regulation 30A(2) (b) (requirement to report discrepancies in registers) for “regulation 28” substitute “regulations 28 and 30A”;for “that regulation” substitute “regulation 28”.in paragraph (1) , after “regulation 28(2) to (6) and (10) ” insert “, or to carry out any of the measures required by regulation 30A,”;after “apply customer due diligence measures” insert “or carry out any of the measures required by regulation 30A”;in sub-paragraph (a) , after “regulation 28(2) to (6) and (10) ” insert “and regulation 30A”;in paragraph (7) , after “applying customer due diligence measures” insert “, or carrying out any of the measures required by regulation 30A,”.(4) In regulation 40(2) (a) (record keeping) , after “regulations 28, 29 and 33 to 37” insert “and the requirements of regulation 30A”.For regulation 30A (requirement to report discrepancies in registers) substitute— a company which is subject to the requirements of Part 21A of the Companies Act 2006 (information about people with significant control) an unregistered company which is subject to the requirements of the Unregistered Companies Regulations 2009a limited liability partnership which is subject to the requirements of the Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009an eligible Scottish partnership which is subject to the requirements of the Scottish Partnerships (Register of People with Significant Control) Regulations 2017a trust which is subject to registration under Part 5 of these Regulations,which the relevant person collects under paragraph (1) , andwhich otherwise becomes available to the relevant person in the course of carrying out its duties under these Regulations when establishing a business relationship with the customer.if it relates to a company, an unregistered company, a limited liability partnership or an eligible Scottish partnership, to the registrar; orif it relates to a trust, to the Commissioners.The relevant person is not required under paragraph (2) to report information which that person would be entitled to refuse to provide on grounds of legal professional privilege in the High Court (or in Scotland, on the ground of confidentiality of communications in the Court of Session) .The person to whom the discrepancy is reported must take such action as that person considers appropriate to investigate and, if necessary, resolve the discrepancy in a timely manner.to unregistered companies by paragraph 20 of Schedule 1 to the Unregistered Companies Regulations 2009;to limited liability partnerships by regulation 66 of the Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009; andto eligible Scottish partnerships by regulation 61 of the Scottish Partnerships (Register of People with Significant Control) Regulations 2017.A reference to the registrar in this regulation is to the registrar of companies within the meaning of section 1060(3) of the Companies Act 2006.(1) In regulation 33 (obligation to apply enhanced customer due diligence) Where a relevant person provides a life insurance policy, the relevant person must consider the nature and identity of the beneficiary of the policy when assessing whether there is a high risk of money laundering or terrorist financing, and the extent of the measures which should be taken to manage and mitigate that risk.is a legal person or a legal arrangement, andpresents a high risk of money laundering or terrorist financing,(2) In regulation 34(1) (enhanced due diligence: credit institutions, financial institutions and correspondent relationships) , after “correspondent relationship” insert “involving the execution of payments”.at the end of sub-paragraph (b) (i) , omit “or”;after “one or more of the taxes referred to in regulation 45(14) ;”, insert—
- (1) Before establishing a business relationship with—
- (a) a company which is subject to the requirements of Part 21A of the Companies Act 2006 (information about people with significant control) ;
- or
- (4) For the purposes of this Part, an “EEA registered trust” is...
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