On 9 May 2017, the Joint Money Laundering Steering Group (JMLSG) published the following for consultation: A revised version of Part II of its anti-money laundering (AML) and counter-terrorist financing (CTF) guidance (dated 10 May 2017). This Part consists of industry-specific chapters dealing with particular issues faced by a range of sub-sectors of the financial […]

Money laundering and terrorist financing The Proceeds of Crime Act 2002 requires you to submit a Suspicious Activity Report to the National Crime Agency if you know or suspect that a person is engaged in, or attempting, money laundering. The Money Laundering Regulations 2007 apply to banks, building societies, credit unions. They also apply to […]

The Joint Money Laundering Steering Group (JMLSG) has published final amendments to Parts I and II of its guidance on the prevention of money laundering and combating terrorist financing (AML/CTF). The amendments were made following a consultation process in which seven respondents provided comments. The guidance gives firms a degree of discretion in how they […]

The Joint Money Laundering Steering Group (JMLSG) board has published for consultation the revised text of amendments proposed to its Money Laundering Guidance for the Financial Sector. This follows its recent review which focused on making the guidance clearer, particularly in relation to risk assessment and monitoring the effectiveness of systems and controls. Although the […]

The Joint Money Laundering Steering Group (JMLSG) has received approval from HM Treasury (HMT) for its guidance on money services businesses   In the final approval process minor changes were made to the guidance. Copies of the approved guidance:  http://bit.ly/1rAKHxp press release:  http://bit.ly/1rAKHxp

JMLSG has published its final guidance for money services businesses (MSBs) as customers of banks. It has submitted the guidance to Treasury for approval. (Source: JMLSG Finalises MSB Guidance) http://www.jmlsg.org.uk/industry-guidance/article/jmlsg-guidance-current

Following an earlier consultation the Joint Money Laundering Steering Group (JMLSG) has published final guidance for money services businesses. The guidance has been submitted to HM Treasury for Ministerial approval. Eight comments received in response to the consultation were reviewed and considered by the editorial panel and the JMLSG board. Many of the suggestions on […]

The Joint Money Laundering Steering Group (JMLSG) has approved final guidance for consumer credit providers. This follows consultation earlier this year    Copies of the guidance file:///D:/Users/942965014/Downloads/BBA01-425703-v1-Consumer_credit_Guidance_text_Mar_14.pdf and the related press release  http://www.jmlsg.org.uk/news/guidance-for-consumer-credit-provider