Civil penalties under Money Laundering Regulations enter Handbook

The power granted to the FSA to impose civil penalties for breaches of both the Money Laundering Regulations 2007 and the Transfer of Funds Regulations, which add to its existing ability to bring prosecutions under the Financial Services and Markets Act and the Money Laundering Regulations, would feature in Enforcement Guide at paragraphs 19.71 to 19.85, under proposals contained in CP08/10. The same section of EG would also set out the regulator’s responsibility for overseeing compliance with the MLR 2007 by non-authorised firms listed in Annex I of the Banking Consolidation Directive, which include, inter alia, finance leasing and forfaiting businesses and safe custody services and money brokers.