There was published on the legislation.gov.uk website the Immigration Act 2014 (Current Accounts) (Excluded Accounts and Notification Requirements) Regulations 2016 (the Regulations). The Regulations prescribe:
- the kinds of current accounts that are excluded from the requirement in section 40A of the Immigration Act 2014 (the 2014 Act) for banks and building societies to undertake immigration checks in relation to such accounts; and
- the information and manner and form required for banks and building societies to notify the Home Office, following such checks, of accounts they hold for persons who do not possess the necessary leave to enter or remain in the UK, and as a consequence are “disqualified persons” under the 2014 Act.
The Regulations also include provisions to allow the FCA to monitor and enforce the compliance of banks and building societies in respect of breaches of the regime.
The Regulations will come into force on 30 October 2017.