Section 70(1)

A relevant firm must inform the Treasury as soon as practicable if— it knows, or has reasonable cause to suspect, that a person— is a designated person, or has breached a prohibition or failed to comply with an obligation under any provision of Part 3 (Finance) , regulations 46Z9B to 46Z9D (maritime transportation of certain oil and oil products) or regulation 67 (finance: licensing offences), and the information or other matter on which the knowledge or cause for suspicion is based came to it in the course of carrying on its business.

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Source: legislation.gov.uk · retrieved 2026-08-30