Schedule 6 lists a number of relevant requirements, the breach of which is an offence. In addition to the offence of breaching a relevant requirement, the Regulations contain offences of prejudicing investigations and disclosure offences. Breach of a relevant requirement The relevant requirements most likely to be applicable to professionals are those imposed under the Regulations listed in the table below. You should consult Schedule 6 and consider whether there are any further relevant requirements that apply to your business. Description Penalty Risk On summary 18 assessment conviction – by a a fine Policies, 19 relevant controls and On person procedures 20 Policies, indictment – controls and up to two procedures years’ (group level) Internal 21 or a fine or controls both 23 on authorised persons to 24 Training inform the FCA Directions to 25 a parent organisation Acting as a from a 26 beneficial supervisory owner, authority officer or Application 27 manager of CDD without measures 28 Application approval of CDD measures 30 Timing of verification to cease 31(1) transactions where unable to apply CDD
Schedule 6 lists a number of relevant requirements, the breach of which is an offence. In addition to the offence of breaching a relevant requirement, the Regulations contain offences of prejudicing investigations and disclosure offences. Breach of a relevant requirement The relevant requirements most likely to be applicable to professionals are those imposed under the Regulations listed in the table below. You should consult Schedule 6 and consider whether there are any further relevant requirements that apply to your business. Description Penalty 18 Risk assessment by a relevant person On summary conviction – a fine On indictment – up to two years’ or a fine or both 19 Policies, controls and procedures 20 Policies, controls and procedures (group level) 21 Internal controls 23 on authorised persons to inform the FCA 24 Training 25 Directions to a parent organisation from a supervisory authority 26 Acting as a beneficial owner, officer or manager without approval 27 Application of CDD measures 28 Application of CDD measures 30 Timing of verification 31(1) to cease transactions where unable to apply CDD