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The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
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- UK Statutory Instruments
- 2017 No. 692
- PART 7A
- Chapter 2
- Regulation 64D
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There are currently no known outstanding effects for the The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, Section 64D.
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[F1Missing or non-corresponding information: the cryptoasset business of a beneficiaryU.K.
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64D.—(1) When a cryptoasset business of a beneficiary receives a cryptoasset as part of an inter-cryptoasset business transfer it must, before making the cryptoasset available to the beneficiary, check whether—
(a)it has received the information required by regulation 64C to be provided; and
(b)the information relating to the beneficiary corresponds with information verified by it under Part 3 (customer due diligence).
(2) Where the cryptoasset business of the beneficiary becomes aware that any information required by regulation 64C to be provided is missing or does not correspond with information verified by it under Part 3, the cryptoasset business of the beneficiary must—
(a)request the cryptoasset business of the originator to provide the missing information;
(b)consider whether to make enquiries as to any discrepancy between information received and information verified by it under Part 3; and
(c)consider whether—
(i)to delay making the cryptoasset available to the beneficiary until the information is received or any discrepancy resolved; and
(ii)if the information is not received or discrepancy resolved within a reasonable time, to return the cryptoasset to the cryptoasset business of the originator.
(3) In deciding what action to take under paragraph (2)(c) the cryptoasset business must have regard to—
(a)the risk assessments carried out by the cryptoasset business under regulations 18(1) (risk assessment by relevant persons) and 18A(1) (risk assessment by relevant persons in relation to proliferation financing); and
(b)its assessment of the level of risk of money laundering, terrorist financing and proliferation financing arising from the inter-cryptoasset business transfer.
(4) In assessing the level of risk for the purposes of paragraph (3)(b), the cryptoasset business must take account of factors including—
(a)the purpose and nature of its business relationship with the beneficiary and of the inter-cryptoasset business transfer;
(b)the value of the inter-cryptoasset business transfer and any cryptoasset transfer which appears to be linked;
(c)the frequency of cryptoasset transfers made by or to the beneficiary via the cryptoasset business of the beneficiary; and
(d)the duration of its business relationship with the beneficiary.
(5) The cryptoasset business of a beneficiary must report to the FCA repeated failure by a cryptoasset business to provide any information required by regulation 64C as well as any steps the cryptoasset business of the beneficiary has taken in respect of such failures.]
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