The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692) (MLR 2017) came into force on 26 June 2017 and will create new criminal offences and civil penalties as well as providing supervisory bodies with statutory investigative powers.
The MLR 2017 will replace the Money Laundering Regulations 2007 (SI/2007/2157) (MLR 2007).
The MLR 2017 contains eleven parts as follows:
- Part 1 provides the preliminary information and definitions;
- Part 2 provides the information on applying the MLR 2017, including necessary risk assessments;
- Part 3 contains the customer due diligence provisions;
- Part 4 concerns the requirements for record keeping and reliance on third parties;
- Part 5 concerns beneficial ownership information;
- Part 6 contains information on the duties of supervisory authorities and registers;
- Part 7 contains the Transfer of Funds (Information on the Payer) Regulations;
- Part 8 creates the legal framework under which supervisory bodies can obtain information and conduct investigations;
- Part 9 creates the various powers of enforcement, including civil and criminal penalties;
- Part 10 sets down the rights of appeal against the FCA and the Commissioners;
- Part 11 contains the miscellaneous provisions.
For copies of documents click the desired link below
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