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.
The proposed amendments are detailed here –