The Money Laundering and Terrorist Financing (Amendment) Regulations 2026
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Change 1
20 Insertion of regulation 34A (enhanced customer due diligence: cryptoasset exchange providers, custodian wallet providers and correspondent relationships)
After regulation 34, insert— Enhanced customer due diligence: cryptoasset exchange providers, custodian wallet providers and correspondent relationships 34A (1) A cryptoasset exchange provider or a custodian wallet provider (the “correspondent”) which has or proposes to have a correspondent relationship involving the execution of services of a type described in regulation 14A(1) or (2) with another provider providing similar services (the “respondent”) from a third country must, in addition to the measures required by regulation 33— (a) gather sufficient information about the respondent to understand fully the nature of its business; (b) determine from publicly-available information from credible sources the reputation of the respondent and the quality of the supervision to which the respondent is subject; (c) assess the respondent's controls to counter money laundering and terrorist financing; (d) obtain approval from senior management before establishing a new correspondent relationship; (e) document the responsibilities of the respondent and correspondent in the correspondent relationship; and (f) be satisfied that, in respect of those of the respondent's customers who have direct access to accounts with the correspondent, the respondent— (i) has verified the identity of, and conducts ongoing customer due diligence measures in relation to, such customers; and (ii) is able to provide to the correspondent, upon request, the documents or information obtained when applying such customer due diligence measures. (2) Cryptoasset exchange providers and custodian wallet providers must not enter into, or continue, a correspondent relationship with a shell bank. (3) Cryptoasset exchange providers and custodian wallet providers must take appropriate enhanced measures to ensure that they do not enter into, or continue, a correspondent relationship with a credit institution or financial institution which is known to allow its accounts to be used by a shell bank. (4) For the purposes of this regulation— (a) “cryptoasset” has the meaning given by regulation 14A(3)(a) and includes a right to, or interest in, the cryptoasset; (b) “correspondent relationship” means the relationship between and among cryptoasset exchange providers, custodian wallet providers, credit institutions and financial institutions including where similar services are provided by a correspondent to a respondent, and including relationships established for transactions in, or transfers of, cryptoassets; (c) “shell bank” has the meaning given by regulation 34(4)(b). .
20 Insertion of regulation 34A (enhanced customer due diligence: cryptoasset exchange providers, custodian wallet providers and correspondent relationships)
After regulation 34, insert— Enhanced customer due diligence: cryptoasset exchange providers, custodian wallet providers and correspondent relationships 34A (1) A cryptoasset exchange provider or a custodian wallet provider (the “correspondent”) which has or proposes to have a correspondent relationship involving the execution of services of a type described in regulation 14A(1) or (2) with another provider providing similar services (the “respondent”) from a third country must, in addition to the measures required by regulation 33— (a) gather sufficient information about the respondent to understand fully the nature of its business; (b) determine from publicly-available information from credible sources the reputation of the respondent and the quality of the supervision to which the respondent is subject; (c) assess the respondent's controls to counter money laundering and terrorist financing; (d) obtain approval from senior management before establishing a new correspondent relationship; (e) document the responsibilities of the respondent and correspondent in the correspondent relationship; and (f) be satisfied that, in respect of those of the respondent's customers who have direct access to accounts with the correspondent, the respondent— (i) has verified the identity of, and conducts ongoing customer due diligence measures in relation to, such customers; and (ii) is able to provide to the correspondent, upon request, the documents or information obtained when applying such customer due diligence measures. (2) Cryptoasset exchange providers and custodian wallet providers must not enter into, or continue, a correspondent relationship with a shell bank. (3) Cryptoasset exchange providers and custodian wallet providers must take appropriate enhanced measures to ensure that they do not enter into, or continue, a correspondent relationship with a credit institution or financial institution which is known to allow its accounts to be used by a shell bank. (4) For the purposes of this regulation— (a) “cryptoasset” has the meaning given by regulation 14A(3)(a) and includes a right to, or interest in, the cryptoasset; (b) “correspondent relationship” means the relationship between and among cryptoasset exchange providers, custodian wallet providers, credit institutions and financial institutions including where similar services are provided by a correspondent to a respondent, and including relationships established for transactions in, or transfers of, cryptoassets; (c) “shell bank” has the meaning given by regulation 34(4)(b). .
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