SUP 16.19 1Immigration Act compliance reporting

1. (1)

   This section applies to a firm which is subject to any of the following provisions of the Immigration Act 2014:2

   1. (a)

      2the prohibition on opening a current account for a disqualified person in section 40;

   2. (b)

      2the requirement to carry out immigration checks in relation to current accounts in section 40A;

   3. (c)

      2the requirement to notify the existence of current accounts for disqualified persons in section 40B; and

   4. (d)

      2the requirement to close an account in accordance with section 40G.

2. (2)

   This section does not apply to a branch of a firm where the branch is established outside the United Kingdom.

[Note: A firm is subject to the prohibition in section 40 and the requirements in sections 40A, 40B and 40G2 of the Immigration Act 2014 if it is a “bank” or “building society” for the purposes of section 42 of the Immigration Act 2014.]

A firm must report its compliance with sections 40, 40A, 40B and 40G2 of the Immigration Act 2014 to the FCA annually.

A firm must report its compliance in the form specified in SUP 16 Annex 1AR using the appropriate online systems accessible from the FCA's website.

A firm which is subject to SUP 16.7A (Annual reports and accounts) must report its compliance at the same time that it submits its annual reports and accounts to the FCA.

A firm which is not subject to SUP 16.7A (Annual reports and accounts) must report its compliance within four months after its accounting reference date.