Insider dealing and money laundering etc. Amendments to the Proceeds of Crime Act 2002 and Anti-Terrorism, Crime and Security Act: Payment and E-Money Institutions ‘Money laundering offences: electronic money institutions, payment institutions and deposit-taking bodies’
The Proceeds of Crime Act 2002 (POCA) provides the statutory basis for the principal money laundering offences in the UK. These offences are set out in sections 327, 328 and 329 POCA. In certain circumstances, a person can seek consent from the National Crime Agency (NCA), or other specified officers, to deal with property in a way which would otherwise constitute one of the principal money laundering offences. Such consents must be sought by making an authorised disclosure as specified in section 338 POCA. Authorised disclosures are commonly referred to as Defence Against Money Laundering Suspicious Activity Reports, or "DAMLs". If the person or firm gets appropriate consent, they do not commit a principal money laundering offence in POCA when dealing with that property in a way that is covered by the consent.
	Additionally, sections 327, 328, 329 and 339A of POCA include provisions that currently allow deposit-taking bodies only, in certain circumstances, to process transactions where there is a suspicion of money laundering, if the transaction is below a threshold amount, without having to submit a DAML to the NCA and without committing a principal money laundering offence. The threshold amount for acts done by a deposit-taking body in operating an account is £250 unless a higher amount is specified in accordance with section 339A POCA. The threshold amount provisions only apply in relation to activity undertaken in operating an account maintained with a deposit-taking body; they do not apply in relation to transactions related to the opening or closing of an account, or when a deposit-taking body first suspects that the property is criminal.
	Currently, the threshold amount provisions in sections 327, 328, 329 and 339A of POCA only apply to deposit-taking bodies. Payment institutions and e-money institutions authorised or registered under the Payment Services Regulations 2017 or Electronic Money Regulations 2011 respectively (payment and e-money institutions) are not covered by these provisions. As such, payment and e-money institutions will in practice need to submit DAMLs for all transactions where there is suspicion of money laundering in order to avoid committing one of the principal money laundering offences, regardless of the amount. This expends significant amounts of time and resources by payment and e-money institutions as well as law enforcement who are required to process the requests.
	The Act amends POCA to bring payment and e-money institutions within scope of these threshold provisions.