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Money Laundering Regulations: Key Exemptions and Satisfactory Evidence

The Money Laundering Regulations (2015 Revision) provide guidelines for identification procedures and exemptions. Below are the key points summarized from the regulations.

Key Exemptions

Some individuals or businesses may be exempt from certain identification procedures due to specific circumstances. These include:

• Regulated Business in a Specified Country: If there are reasonable grounds to believe that an applicant is involved in regulated business based in or formed under the law of a country specified in Schedule 3.
• Introduction by a Reputable Person: When a third party is introduced by someone who has assured that their identity information will be obtained and recorded, and that person identifies the third party and meets certain conditions (being bound by regulation 5(1) or having reasonable grounds to believe the applicant meets the specified country criteria).
• One-Off Transaction with Direct Reinvestment: Where all proceeds of a one-off transaction are directly reinvested on behalf of the payee, who is not identified due to these exemptions.

Satisfactory Evidence

To be considered satisfactory evidence of identity:

• It must be reasonably capable of establishing the applicant’s true identity.
• The person obtaining the evidence must be satisfied that it establishes the fact, following procedures maintained under these regulations in relation to the relevant financial business concerned.

Regulation 11 does not apply

In circumstances falling within Case 2 (not specified in the excerpt), Regulation 11 does not apply.