MLR1PP13150 - Penalties Guidance: Glossary: Q to Z

Regulations

Money Laundering and Payment Regulations.

Relevant Customer/Client

A customer of an ASP or TCSP who was provided with a regulated product or service during the relevant period.

Relevant Period

The period when any breach of the Regulations took place.

Relevant Transaction

A business transaction which is covered by the Regulations.

Relevant Turnover

Total turnover from regulated activity in the relevant period.

Related Breach

Breaches of linked Regulations such as those relating to customer-due-diligence measures and risk assessments.

RTT

Risk Targeting Team.

Review

The statutory review of a Decision introduced by the Transfer of Tribunal Functions and Revenue Appeals Order 2009.

Reviewing Officer

The CCG Appeals Officer undertaking the Review

Review Period

The period within which a Review must be completed. This is 45 calendar days. The period may be extended by agreement with the customer/business.

TCSPs

Trust or Company Service Providers.

Trading

Undertaking regulated activity by way of Business.

Transfer of Funds Regulations 2007

UK legislation under which we are empowered to issue penalties or prosecute for breaches of the European Payments Regulation.

Tribunal Caseworker

The CCG Appeals Officer preparing an appeal for a tribunal hearing.

Turnover

Business Income from trading goods and services.