Section 182(2)

In section 327 (concealing etc), after subsection (2C) insert— A person (“P”) who does an act mentioned in paragraph (c) or (d) of subsection (1) does not commit an offence under that subsection if— P is carrying on business in the regulated sector that is not excluded business, P does the act, in the course of that business— in transferring or handing over to a customer or client money or other property of, or owing to, the customer or client, and for the purposes of the termination of P’s business relationship with the customer or client, the total value of the criminal property so transferred or handed over to the customer or client by P for those purposes is less than the threshold amount determined under section 339A for the act, and before the act is done, P has complied with the customer due diligence duties. For the purposes of subsection (2D)— business is “excluded” if it is of a description specified in regulations made by the Secretary of State for the purposes of this paragraph; a reference to property being transferred or handed over to the customer or client includes a reference to property being transferred or handed over to another person at the direction of the customer or client; “customer due diligence duties” means all duties imposed on P in relation to the customer or client by regulation 28(2), (3), (3A), (4), (8) or (10) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692) (customer due diligence measures).

← 1 · All articles · 3 →

Source: legislation.gov.uk · retrieved 2026-09-04