Transitional Provisions and Schedules
ML TP 1
Schedule
ML TP 1.1
Transitional Provisions
| (1) | (2) | (3) | (4) | (5) | (6) |
| Material to which the transitional provision applies | Transitional provision | Transitional provision: dates in force | Handbook provision: coming into force | ||
| 1 |
ML 2.1.1 R
ML 7.1.5 R | R |
(1) Paragraph (2) applies where, immediately before the
commencement
, there is in a
relevant firm
an individual who was appointed by the
relevant firm
before that date to act for it in connection with its responsibilities in relation to money laundering.
(2) If, on commencement , the individual in (1) is approved to perform the money laundering function , nothing in ML 2.1.1 R or ML 7.1.5 R requires the relevant firm to reappoint that individual as its MLRO . | From commencement | Commencement |
| 2 | ML 3 | R | Where, immediately before commencement , a relevant firm already has an established client relationship with any person, nothing in ML 3 requires the relevant firm to establish the identity of that client . | From commencement | Commencement |
| 3 | ML | G | Expired |
- 01/04/2005
ML Sch 1
Record keeping requirements
- 01/12/2004
ML Sch 1.1
See Notes
| The aim of the guidance in the following table is to give the reader a quick over-all view of the relevant record keeping requirements. |
- 01/12/2004
ML Sch 1.2
See Notes
| It is not a complete statement of those requirements and should not be relied on as if it were. |
- 01/12/2004
ML Sch 1.3
See Notes
| Handbook reference | Subject of record | Contents of record | When record must be made | Retention period |
| ML 7.3.2 R (1)(a) | Customer identification | Full details of evidence of identity | As soon as reasonably practicable after first contact | 5 years from end of relationship with client |
| ML 7.3.2 R (1)(b) | Transactions | Full details | On effecting the transaction | 5 years from the date when the transaction was completed |
| ML 7.3.2 R (1)(d) | Internal and external reporting | Full details of actions taken | Once actions have been taken | 5 years from the creation of the record |
| ML 7.3.2 R (1)(e) | Information not acted upon | Full details of information considered by the MLRO but not made an external report | Once decision not to report has been made | 5 years from the obtaining of the information |
- 01/12/2004
ML Sch 2
Notification requirements
- 01/12/2004
ML Sch 3
Fees and other required payments
- 01/12/2004
ML Sch 3.1
See Notes
| There are no requirements for fees or other payments in ML. |
- 01/12/2004
ML Sch 4
Powers exercised
- 01/12/2004
ML Sch 4.1
See Notes
- 01/12/2004
ML Sch 4.2
See Notes
- 01/12/2004
ML Sch 5
Rights of action for damages
- 01/12/2004
ML Sch 5.1
See Notes
| The table below sets out the rulesin MLcontravention of which by an authorised person may be actionable under section 150 of the Act (Actions for damages) by a person who suffers loss as a result of the contravention. |
- 01/12/2004
ML Sch 5.2
See Notes
| If a "Yes" appears in the column headed "For private person?", the rulemay be actionable by a "private person" under section 150 (or, in certain circumstances, his fiduciary or representative; see article 6(2) and (3)(c) of the Financial Services and Markets Act 2000 (rights of Action) Regulations 2001 (SI 2001 No 2256)). A "Yes" in the column headed "Removed" indicates that the FSA has removed the right action under section 150(2) of the Act. If so, a reference to the rulein which it is removed is also given. |
- 01/12/2004
ML Sch 5.3
See Notes
| The Column headed "For other person?" indicates whether the rulemay be actionable by apersonother than a private person (or his fiduciary or representative) under article 6(2) and (3) of those Regulations. If so, an indication of the type of person by whom the rulemay be actionable is given. |
- 01/12/2004
ML Sch 5.4
See Notes
- 01/12/2004
ML Sch 6
Rules that can be waived
- 01/12/2004