Ms Derville Rowland:

This is legislation coming from Europe and to Government level, and the guidelines around this are issued by the Department of Justice. Regarding the rule framework, we are a very important overseer of effective integrity controls for the financial system to prevent the proceeds of crime and financial crime. However, the legislation is devised at the European Commission and at Government level and then there are the guidelines. We have a lot to say about how it is operated but those in prominent public functions and the PEP legislation comes from there. We do not set all of the rules but of course we look at the effectiveness of controls and approaches of lenders. We have an influence in frequency of testing, etc., but the rule framework is set separately.