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FCA: Money Laundering Regulations 2017Back

  • The Government’s Money Laundering Regulations (MLRs) came in to force on 26 June. They update the UK AML regime to transpose the EU’s 4th Money Laundering Directive. The EU’s Funds Transfer Regulation also came in to force on the same date.
  • The below contains details on some specific areas that we wanted to highlight following feedback from firms.

 Appointed Officers

  • Regulation 21(1)(a) of the MLRs requires firms to appoint an officer responsible for compliance from the board or senior management to be responsible for the firm’s compliance with their obligations.
  • Regulation 21(3) requires the appointment of a nominated officer. The MLRs require that a firm notify their supervisory authority within 14 days.
  • All FCA authorised firms are already required to have an MLRO and for many firms someone with a proscribed responsibility for AML systems and controls. This person should meet the requirements in Regulation 21(1)(a) and 21(3), so firms do not need to make a separate notification to us.

Regulation 23

  • Regulation 23 of the MLRs includes a requirement for authorised firms to notify us if they are providing trust & company services (TCSP) or money service business (MSB) by 26 July.
  • This applies even if a firm had reported to us under the 2007 Regulations. We have provided mailboxes for firms to report to us.
  • Notifications relating to TCSP should be sent to: tcspreporting@fca.org.uk and,
  • Notifications relating to MSB should be sent to: msbreporting@fca.org.uk

Politically exposed persons (PEPs)

  • The MLRs require the FCA to provide guidance on the treatment of politically exposed persons (PEPs) to help firms to take a case by case and risk based approach to meeting their obligations in relation to PEPs, family members and known close associates.
  • We published our final guidance on PSPs 6 July.

Compliance under MLRs

  • While firms will be required to be fully compliant with the new requirements, the FCA will take into account the short lead-in time businesses have been given to implement all the new requirements in assessing the response to any noncompliance.
  • Each case will be assessed on its own merits.

  Other information available:

Money Laundering Regulations 2017- http://www.legislation.gov.uk/uksi/2017/692/contents/made

EU Funds Transfer Regulation 847/2015- http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32015R0847

FCA webpage on notification requirements- https://www.fca.org.uk/firms/money-laundering-terrorist-financing/reporting

FCA guidance on the treatment of politically exposed persons (PEPs)- https://www.fca.org.uk/publications/finalisedguidance/

fg17-5-treatment-politically-exposed-persons-peps-money-laundering

Joint Money Laundering Steering Group Guidance (JMLSG)- http://www.jmlsg.org.uk/

European Supervisory Authorities Guidelines on risk factors- https://www.eba.europa.eu/-/esas-publish-aml-cft-guidelines

Posted by Sue Robinson on 14/07/2017