Section 39(5)

Paragraph (4) does not apply to a branch or majority owned subsidiary of an entity ... if all the following conditions are met— the entity is— a person who is subject to the requirements in these Regulations as a relevant person within the meaning of regulation 8 and who is supervised for compliance with them; or subject to requirements in national legislation having an equivalent effect to those laid down in the fourth money laundering directive on an obliged entity (within the meaning of that directive) and supervised for compliance with those requirements in a manner equivalent to section 2 of Chapter VI of the fourth money laundering directive; the branch or subsidiary complies fully with procedures and policies established for the group under— regulation 20 of these Regulations, or requirements in national legislation having an equivalent effect to those laid down Article 45 of the fourth money laundering directive.

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