The Money Laundering and Terrorist Financing (Amendment) Regulations 2022

• Citation: S.I. 2022/137
• Sections: 6

Section 1 Citation and commencement

These Regulations may be cited as the Money Laundering and Terrorist Financing (Amendment) Regulations 2022 and come into force on 9th March 2022.

Section 2 Amendment of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 are amended in accordance with regulations 3 to 5.

Section 3 Amendment of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

In regulation 45 (register of beneficial ownership) —

(a) in paragraph (3)—

(i) in sub-paragraph (b)—

(aa) for “10th March 2022” substitute “1st September 2022” ; and

(bb) for “9th February 2022” substitute “4th June 2022” ;

(ii) in sub-paragraph (c), for “30 days” substitute “90 days” ;

(b) in paragraph (10A) —

(i) in sub-paragraph (a)—

(aa) for “10th March 2022” substitute “1st September 2022” ; and

(bb) for “9th February 2022” substitute “4th June 2022” ;

(ii) in sub-paragraph (b), for “30 days” substitute “90 days” ;

(c) in paragraph (10D)—

(i) in sub-paragraph (a)—

(aa) for “10th March 2022” substitute “1st September 2022” ; and

(bb) for “9th February 2022” substitute “4th June 2022” ;

(ii) in sub-paragraph (b), for “30 days” substitute “90 days” ;

(d) in paragraph (10G)(b), for “30 days” substitute “90 days” ;

(e) in paragraph (10H), for “30 days” substitute “90 days” .

Section 4 Amendment of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

In regulation 45ZA (register of beneficial ownership: additional types of trust) —

(a) in paragraph (4)(b), for “30 days” substitute “90 days” ;

(b) in paragraph (5)(a)—

(i) for “10th March 2022” substitute “1st September 2022” ;

(ii) for “9 February 2022” substitute “4th June 2022” ;

(c) in paragraph (5)(b), for “30 days” substitute “90 days” in both places it appears;

(d) in paragraph (6), for “30 days” substitute “90 days” .

Section 5 Amendment of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

In Schedule 3A (excluded trusts) —

(a) for paragraph 4 (trusts of insurance policies) substitute—

(4)

(1) A trust of a life policy paying out only—

(a) on the death, terminal or critical illness, or permanent or temporary disablement of the person assured; or

(b) to meet the cost of healthcare services provided to the person assured.

(2) A trust of an insurance policy paying out only—

(a) on the temporary disablement of the person assured, where that policy was applied for at the same time as a policy under sub-paragraph (1); or

(b) to meet the cost of healthcare services provided to the person assured.

(3) A trust of the benefits payable on the death of the person assured under a retirement policy.

(b) after paragraph 6 (pilot trusts), insert—

Bank accounts for minors etc

(6A)

(1) A trust which is created as a requirement of opening a relevant account for the sole benefit of—

(a) a person under the age of 18;

(b) a person who lacks capacity within the meaning of section 2 of the Mental Capacity Act 2005 ;

(c) a person who is incapable within the meaning of section 1 of the Adults with Incapacity (Scotland) Act 2000 ; or

(d) a person who is incapable of managing and administering the person’s property and affairs, by reason of mental disorder within the meaning of Article 3(1) of the Mental Health (Northern Ireland) Order 1986 .

(2) In this paragraph—

“ relevant account ” means an account, consisting only of a sum of money, held with an authorised Part 4A person carrying on by way of business the activity specified in article 5 (accepting deposits) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ;

“ authorised Part 4A person ” means an authorised person who has a Part 4A permission, within the meaning given to that term in section 55A(5) of FSMA , to carry on that specified activity.

Section 6 Amendment of the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020

In regulation 1(4) of the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 , for “10th March 2022” substitute “1st September 2022” .