Schedule 7, Part 1, paragraph 6

The Proceeds of Crime Act 2002 is amended as follows. In section 333D (other permitted disclosures etc), in subsection (1)(a) for “the Money Laundering Regulations 2007 (S.I. 2007/2157)” substitute “ the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ”. In section 333E (interpretation), in subsection (4), for the words from “Directive 2005/60/EC” to “2005” substitute “Directive 2015/849/EU of the European Parliament and of the Council of 20th May 2015 ”. In Part 1 of Schedule 9 (business in the regulated sector), in paragraph 1(1)— in paragraph (b) — for “Capital Requirements Regulation”, in both places, substitute “ Capital Requirements Directive ”; at the end of sub-paragraph (i), omit “or”; after sub-paragraph (i), insert— an undertaking whose only listed activity is as a creditor under an agreement which— falls within section 12(a) of the Consumer Credit Act 1974 (debtor-creditor-supplier agreements); provides fixed sum credit (within the meaning given in section 10(1)(b) of the Consumer Credit Act 1974 (running-account credit and fixed-sum credit)) in relation to the provision of services; and provides financial accommodation by way of deferred payment or payment by instalments over a period not exceeding 12 months; or after paragraph (j), insert— the carrying on of local audit work within the meaning of Schedule 5 to the Local Audit and Accountability Act 2014 (eligibility and regulation of local auditors) by any firm or individual who is a local auditor within the meaning of section 4(1) of that Act (general requirements for audit); in paragraph (q)— after “involves the” insert “ making or ”; for “15,000” substitute “ 10,000 ”. In paragraph 1(5)(b), omit “contained in international standards and are”. In paragraph 1(6) , at the end of paragraph (c) for “or” substitute “ and ”. In paragraph 2— in sub-paragraph (1)(c) for “25” substitute “ 26 ”; in sub-paragraph (1)(d), at the end, omit “or”; at the end, insert— the carrying on by a local authority (within the meaning given in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ) of an activity which would be a regulated activity for the purposes of the Financial Services and Markets Act 2000 but for article 72G of that Order ; or the preparation of a home report, which for these purposes means the documents prescribed for the purposes of sections 98, 99(1) or 101(2) of the Housing (Scotland) Act 2006 . in sub-paragraph (3)— in paragraph (a), for “£64,000” substitute “£100,000; in paragraph (f), after “(r)” insert “ to (t) ”. In paragraph 3— in sub-paragraph (1)— at the appropriate place insert— “the Capital Requirements Directive” means Directive 2013/36/EU of the European Parliament and of the Council of 26th June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms ; at the end of the definition of “the Capital Requirements Regulation insert “ of 26th June 2013 on prudential requirements for credit institutions and investment firms ”; and in sub-paragraph (3)— for “the Banking Consolidation Directive” substitute “ the Capital Requirements Regulation, the Capital Requirements Directive ”; after “Part as”, insert “ in that Regulation or ”. In Part 2 of Schedule 9 (supervisory authorities), in paragraph 4— in sub-paragraph (1), omit paragraphs (b), (ea) and (f) (but not the “and” after paragraph (f)); in sub-paragraph (2)— after paragraph (d), insert— the Chartered Institute of Legal Executives; omit paragraph (f).

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