Money Laundering
The Money Laundering Regulations 2007 ("the Regulations") took effect on 15 December 2007. This will be of interest to you, as businesses conducting certain activities in the UK, as set out in Schedule 1 of the Regulations, are affected by these Regulations. Businesses who conduct these activities are referred to as Annex 1 businesses, from Annex 1 of the Banking Consolidation Directive, where they were first listed.
It was a legal requirement for all Annex 1 businesses to register
with the FSA by 15 June 2008, where the legal entity is not FSA-authorised.
Annex 1 businesses include the following:
- Lending including, inter alia: consumer credit, mortgage credit, factoring, with or without recourse, financing of commercial transactions (including forfaiting).
- Financial leasing. Money transmission services.
- Issuing and administering means of payment (e.g. credit cards, travellers’ cheques and bankers’ drafts).
- Guarantees and commitments.
Trading for own account or for account of customers in:
(a) money market instruments (cheques, bills, certificates of deposit, etc.);
(b) foreign exchange;
(c) financial futures and options;
(d) exchange and interest-rate instruments; or
(e) transferable securities.
Participation in securities issues and the provision of services
related to such issues.
- Advice to undertakings on capital structure, industrial strategy and related questions and advice as well as services relating to mergers and the purchase of undertakings.
- Money broking.
- Portfolio management and advice.
- Safekeeping and administration of securities.
- Safe custody services
The Money Laundering Regulations 2007 can be found here:
http://www.opsi.gov.uk/si/si2007/pdf/uksi_20072157_en.pdf
More information about needing to register can be found on the FSA’s website on the Money Laundering Pages: htttp://www.fsa.gov