Schedule 4, Part 2, paragraph 19(5A)

A relevant person who is an issuer of electronic money must appoint an individual to monitor and manage compliance with, and the internal communication of, the policies and procedures relating to the matters referred to in paragraph (1)(a) to (e), and in particular to— identify any situations of higher risk of money laundering or terrorist financing; maintain a record of its policies and procedures, risk assessment and risk management including the application of such policies and procedures; apply measures to ensure that such policies and procedures are taken into account in all relevant functions including in the development of new products, dealing with new customers and in changes to business activities; and provide information to senior management about the operation and effectiveness of such policies and procedures at least annually.

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