AML: JMLSG IN UK PROPOSES AMENDED GUIDANCE

An article from Katten on 7 February reported that, on February 4, the UK Joint Money Laundering Steering Group (JMLSG) announced proposed amendments to its AML/CFT guidance, and explained that the JMLSG is a UK-focused group of trade bodies which produces AML/CFT guidance to assist the financial services industry.  The JMLSG noted that the proposed amendments are a response to the updated regulations, which involve UK implementation of the EU 5th Money Laundering Directive.  The consultation runs to 3 April.

Amongst the changes proposed are 4 more illustrative risk factors, updating guidance relating to electronic identification, digital identity and other electronic data sources; adding “anonymous safe-deposit boxes” to the list of prohibited anonymous products; and adding letting agents, antiquities and art market participants, cryptoassets exchange providers and custodian wallet providers to those caught by the regulations.

https://www.corporatefinancialweeklydigest.com/2020/02/articles/uk-developments/aml-jmlsg-proposes-amended-guidance/#page=1

The proposed amendments are detailed here –

http://jmlsg.org.uk/consultations/consultation/

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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