Addleshaw Goddard reported on 22nd May that the Joint Money Laundering Steering Group had updated its AML guidance for UK financial services the revised sectors being Section 12: Asset finance (including low-value assets to businesses) and Section17: Syndicated lending in Part II of its guidance on the prevention of money laundering and the financing of terrorism for the UK financial services industry.  This followed a consultation process begun on 8th March.  According to the JMLSG, the amended sections do not change the substance of the guidance provisions, but seek to describe in more current terms the way the sectors work, how to assess the risks in the sector and how to identify who the customers are.

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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