ECSH71000 | Regulation 57 - Applications for registration – information powers

Regulation 57 of The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017) allows a supervisor (in this case HMRC) to require any business that applies for registration under MLR 2017 to make that application in a specified manner. Regulation 57 MLR 2017 also allows HMRC to specify the information required as part of that application (regulation 57(1) MLR 2017).

Regulation 57(3) MLR 2017 allows HMRC to require any additional information to determine the application after it has been received, but before it has been determined.

Regulation 57 MLR 2017 also obligates the applicant to report any material changes to this information (regulation 57(4)(a) MLR 2017), or correct any inaccuracies to the information (regulation 57(4)(b) MLR 2017).

Failure to comply with the relevant requirements in regulations 57(1), 57(4)(a) and 57(4)(b) MLR 2017 is a criminal offence and may result in a criminal prosecution or civil sanction being imposed on the business.