Regulation 7A

Tipping‑off

of Moneylenders (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Rules 2009

Subsidiary LegislationIn forceProvision 17 of 23

Where a moneylender reasonably believes that a borrower, or any agent, connected party or beneficial owner of a borrower, may be engaged in money laundering, terrorism financing or proliferation financing, and the moneylender has reasonable grounds to believe that the performance of any CDD measure will tip‑off that person, the moneylender —

(a)

need not perform that CDD measure; but(b)must comply immediately with section 45(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 or Part 3 of the Terrorism (Suppression of Financing) Act 2002 (as the case may be).

Read in full context — Moneylenders (Prevention of Money Laundering, Terrorism Financing and Proliferation Financing) Rules 2009 →