The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013

The Money Laundering Regulations 2007

31.—(1) The Money Laundering Regulations 2007(1) are amended as follows.

(2) In regulation 2(1) (interpretation), omit the definitions of “the OFT” and “consumer credit financial institution”.

(3) In regulation 17(2) (reliance), omit sub-paragraph (aa).

(4) In regulation 22 (interpretation)—

(a)in paragraph (1)—

(i)in the definition of “Annex 1 financial institution”, omit sub-paragraph (a);

(ii)omit the definition of “consumer credit financial institution”;

(b)omit paragraph (2).

(5) In regulation 23(supervisory authorities)—

(a)in paragraph (1)—

(i)at the end of sub-paragraph (a)(i) insert “but not excluded money service businesses”;

(ii)omit sub-paragraph (b);

(b)after paragraph (4), insert—

“(5) For the purposes of this regulation, a money service business is an “excluded money service business” if it is an authorised person who has permission under the 2000 Act which relates to or is connected with a contract of the kind mentioned in paragraph 23 or paragraph 23B of Schedule 2 to that Act (credit agreements and contracts for hire of goods) but does not have permission to carry on any other kind of regulated activity.

(6) Paragraph (5) must be read with—

(a)section 22 of the 2000 Act,

(b)any relevant order under that section, and

(c)Schedule 2 to that Act.”.

(6) In regulation 32 (power to maintain registers), omit paragraph (3).

(7) In regulation 34 (applications for and cancellation of registration in a register maintained under regulation 32)—

(a)in paragraph (2), in the first place the words appear, and in paragraphs (7) and (8), omit “or the OFT”;

(b)in paragraph (3), omit “and the OFT”;

(c)omit, in each place the words appear, “or the OFT, as the case may be,” and “or the OFT, as the case may be”.

(8) In regulation 35 (costs of supervision)—

(a)in paragraphs (1) and (2), omit “, the OFT”;

(b)in paragraph (5), for “OFT” in each place substitute “Authority”.

(9) In regulation 36 (interpretation)—

(a)in the definition of “designated authority”—

(i)at the end of paragraph (a), insert “and”;

(ii)omit the “and” at the end of paragraph (b) and paragraph (c);

(b)in the definition of “officer”—

(i)at the end of paragraph (b) insert “or”;

(ii)omit paragraph (c);

(c)in the definition of “relevant officer”, in paragraph (b), for “OFT” substitute “Authority”.

(10) In regulation 40(1)(b) (failure to comply with information requirement), for “OFT” substitute “Authority”.

(11) In regulation 41 (powers of relevant officers), for “OFT” in each place substitute “Authority”.

(12) In regulation 42 (power to impose civil penalties), in each of paragraphs (6) and (7), omit “, the OFT”.

(13) In regulation 44 (appeals)—

(a)in paragraph (1)(b), omit “, the OFT”;

(b)in paragraph (2), omit sub-paragraph (c);

(c)omit paragraph (7).

(14) In regulation 46 (prosecution of offences)—

(a)in paragraph (1), omit sub-paragraph (b);

(b)omit paragraphs (4) and (5);

(c)in paragraph (6), for “OFT” in each place substitute “Authority”.

(15) In regulation 49(1) (obligations on public authorities), omit sub-paragraph (h).