| Guvnor

What this means for your business

8 obligations

8 penalties

8 can imprison

1 guides

Enforced by: FCA, PRA, PSR
Applies to: United Kingdom
On this page: 8 compliance obligations, 1 practical guide

Read full text on legislation.gov.uk

What you must do

8 compliance obligations under this legislation — 8 can result in imprisonment.

Offences and prohibitions 8

If you act as a manager, officer or beneficial owner of an auditor, solicitor, estate agent, high‑value dealer, art market participant or similar regulated firm, and you have not been approved (or do not have a pending approval application) by the relevant supervisory authority, you commit a criminal offence. On conviction you can be sentenced to up to three months in prison and a fine on summary conviction, or up to two years in prison and an unlimited fine on indictment.

Any Person s.26 FCA

If you reveal information that is protected under the Money Laundering Regulations (i.e., you breach the confidentiality duty in regulation 52A), you commit a criminal offence. On a summary conviction you can be sentenced to up to three months in prison and an unlimited fine, while on conviction on indictment the maximum is two years’ imprisonment and an unlimited fine. The offence applies to any person who discloses the information, so businesses and their staff are both at risk.

Any Person Obligation of confidentiality: offence FCA

If you breach any AML requirement that applies to you – for example by not following FCA guidance or other supervisory guidance approved by the Treasury – you commit a criminal offence. On summary conviction (Magistrates’ Court) you can be sentenced to up to three months’ imprisonment, a fine or both; on conviction on indictment (Crown Court) the maximum is two years’ imprisonment, an unlimited fine or both. A defence is available only if you took all reasonable steps and exercised due diligence to avoid the breach.

Any Person s.86 FCA

If you acquire or increase your control of a registered cryptoasset exchange provider or custodian wallet provider, you must give the FCA a notice as required by the Money Laundering Regulations. Not giving the notice (or breaching a restriction notice) is a criminal offence. On conviction you face an unlimited fine, and for the most serious breach up to two years’ imprisonment.

Any Person Schedule 6B FCA

If a person gives false testimony while under oath, they commit perjury under the Perjury Act 1911. A conviction can lead to imprisonment, an unlimited fine, or both.

Any Person Schedule 3 FCA

If your company commits a money‑laundering offence, any officer who gave consent, turned a blind eye or was negligent is also guilty. The officer can be prosecuted and faces the same penalties as the firm itself.

Director/Officer s.92 FCA

If you knowingly disclose information or destroy/hide documents that are likely to prejudice an FCA, PRA, PSR or other appropriate officer’s investigation into a possible breach of the Money‑Laundering Regulations, you commit a criminal offence. Conviction can lead to up to two years’ imprisonment and an unlimited fine (on indictment) or up to three months’ imprisonment and a fine on summary conviction.

Any Person s.87 FCA

If you give regulators false or misleading information when you think you are complying with the Money Laundering Regulations, or if you disclose information that you are not allowed to under those rules, you commit a criminal offence. On conviction you can be sentenced to up to two years in prison, an unlimited fine, or both. The offence can be tried either in the magistrates’ court or the Crown Court.

Any Person s.88 FCA