Part 6: Insider dealing and money laundering etc Section 32: Money laundering offences: electronic money institutions, payment institutions and deposit-taking bodies
Section 32 amends Part 7 of POCA, sections 327 to 329, 339A, 340 and 459 to bring payment and e-money institutions within the threshold amount provisions. Where the value of criminal property falls below the threshold amount, a payment or e-money institution will be able to do certain specified acts in relation to that property when operating an account maintained by it, without committing an offence. Subsection (6) of section 32 also defines, for the purposes of POCA, e-money institutions to have ‘the same meaning as in the Electronic Money Regulations 2011 (S.I. 2011/99) (see regulation 2 of those Regulations)’ and payment institutions as an ‘authorised payment institution or a small payment institution (each as defined in regulation 2 of the Payment Services Regulations 2017 (S.I. 2017/752))’.