Schedule 12: Forfeiture of money: electronic money institutions and payment institutions
This Schedule amends Chapter 3B of Part 5 of POCA (as it applies to England and Wales and Scotland) and Part 4B of Schedule 1 of ATCSA (across the UK) to ensure that provisions for the freezing and forfeiture of money held in accounts apply in relation to accounts maintained with payment and e-money institutions. The definition of a ‘relevant financial institution’ in Schedule 12 differs between Northern Ireland and the rest of the UK. The definition for England & Wales and Scotland includes, banks, building societies, e-money institutions and payment institutions. The definition for Northern Ireland includes banks and building societies. There will therefore be no substantive change to the provisions of Chapter 3B of Part 5 of POCA so far as they apply to Northern Ireland.