Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Regulations 2011

Definition of reporting entity

Heading: replaced, on 27 July 2016, by regulation 6 of the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2016 (LI 2016/132).

16 Inclusion: certain financial advisers

(1)

This regulation applies to a person so far as the person arranges for a reporting entity to provide a relevant service to a customer or an intended customer of the reporting entity, if the person is—

(a)

an individual who is required to be an authorised financial adviser; or

(b)

an entity that provides financial adviser services in respect of a category 1 product, including to wholesale clients.

(2)

Subject to regulation 20, a person to whom this regulation applies is declared to be a reporting entity for the purposes of the Act.

(3)

An individual (person A) to whom this regulation applies is deemed to have complied with the Act and any regulations if—

(a)

the obligations that apply to person A under the Act and any regulations are discharged by another reporting entity (person B); and

(b)

person A is a partner, director, employee, agent, or other person acting in the course of, and for the purposes of, person B’s business.

(4)

For the purposes of this regulation,—

authorised financial adviser, category 1 product, and financial adviser service have the same meanings as in section 5 of the Financial Advisers Act 2008

wholesale client has the same meaning as in section 5C of the Financial Advisers Act 2008.

Regulation 16: replaced, on 27 July 2016, by regulation 6 of the Anti-Money Laundering and Countering Financing of Terrorism (Definitions) Amendment Regulations 2016 (LI 2016/132).