Interpretation
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In this Part “ transfer of funds supervisory authority ” in relation to a payment service provider means the supervisory authority specified by regulation 62.
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 PART 7 — Transfer of Funds (Information on the Payer) Regulations
Transfer of funds supervisory authorities
62
(1) The FCA is the transfer of funds supervisory authority for payment service providers, who are— (a) authorised persons; (b) authorised payment institutions under the Payment Services Regulations 2017 which are not included in the register maintained by the Commissioners under regulation 54(2); (c) registered small payment institutions under the Payment Services Regulations 2017 which are not included in the register maintained by the Commissioners under regulation 54(2); (d) authorised electronic money institutions under the Electronic Money Regulations 2011 ; or (e) registered small electronic money institutions under the Electronic Money Regulations 2011. (2) The Commissioners are the transfer of funds supervisory authority for payment service providers who do not come within paragraph (1).
Duties of transfer of funds supervisory authorities
63
(1) A transfer of funds supervisory authority must— (a) monitor effectively the payment service providers for whom it is the transfer of funds supervisory authority; (b) take the measures necessary to secure compliance by payment service providers with the requirements of the funds transfer regulation; (c) take effective measures to encourage the payment service provider to report breaches of the provisions of the funds transfer regulation to the authority; (d) take such steps as it considers appropriate— (i) to co-operate with other supervisory authorities, the Treasury and law enforcement authorities in relation to the development and implementation of policies to counter money laundering and terrorist financing; (ii) to co-ordinate activities to counter money laundering and terrorist financing; (iii) to co-operate with overseas authorities to ensure the effective supervision of a payment service provider to which paragraph (2) applies. (2) This paragraph applies to a payment service provider established— (a) in the United Kingdom, which has its head office in another country; or (b) in another country but which has its head office in the United Kingdom. (3) Co-operation may include the sharing of information which the supervisory authority is not prevented from disclosing. (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) A transfer of funds supervisory authority which, in the course of carrying out any of its functions under this Part or otherwise, knows or suspects, or has reasonable grounds for knowing or suspecting, that a payment service provider is or has engaged in money laundering or terrorist financing must as soon as practicable inform the NCA. (6) A disclosure made under paragraph (5) is not to be taken to breach any restriction, however imposed, on the disclosure of information. (7) Where a disclosure under paragraph (5) is made in good faith, no civil liability arises in respect of the disclosure on the part of the person by whom, or or on whose behalf, it is made. (8) The functions of the FCA under this Part are to be treated for the purposes of section 1A of, and Parts 1, 2 and 4 of Schedule 1ZA to, FSMA (the Financial Conduct Authority) as functions conferred on the FCA under that Act. (9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10) For the purposes of this regulation, “ overseas authority ” means— (a) an authority responsible for any of the functions provided for in the funds transfer regulation in an EEA state ... in which the payment service provider is established or has its head office; and (b) where the payment service provider is established or has its head office in another country which is not an EEA state, an authority in that country which has equivalent functions to any of the functions provided for in the funds transfer regulation.
Obligations of payment service providers
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(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) A payment service provider must ensure that it is able ... to respond fully and rapidly to enquiries from a person specified in paragraph (3) concerning any of the information required by or under the funds transfer regulation. (3) The persons specified in this paragraph are— (a) financial investigators accredited under section 3 of the Proceeds of Crime Act 2002 (accreditation and training) ; (b) persons acting on behalf of the Scottish Ministers in their capacity as an enforcement authority under that Act; and (c) constables or equivalent officers of any law enforcement authority.
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