In this Policy Statement, we report on the main issues arising from Chapter 6 of Consultation Paper 15/42 Introduction of financial crime reporting form and publish the final rules.
Why are we publishing this policy statement?
In December 2015, we consulted on a proposal to introduce a financial crime return (REP-CRIM). The proposal was set out in Chapter 6 of Consultation Paper (CP) 15/42.
This Policy Statement (PS) summarises the responses we received to our consultation and our view on these responses. It also presents the final rules and implementation timescale for the reporting requirement.
Who does this Policy Statement affect?
This PS affects firms subject to the Money Laundering Regulations (MLRs). Exceptions are set out within the PS.
What are the next steps?
The Handbook provisions come into force on 31 December 2016. Firms captured should complete the REP-CRIM within 60 business days of their ARD.
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