The Joint Money Laundering Steering Group (JMLSG) has published proposed revisions to Parts II (sectoral guidance) and III (specialist guidance) of its guidance on the prevention of money laundering and the financing of terrorism for the UK financial services industry.
The proposed revisions are intended to align the JMLSG guidance with the proposed new Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. These Regulations replace the Money Laundering Regulations 2007 and the Transfer of Funds (Information on the Payer) Regulations 2007 with updated provisions that implement in part the Fourth Anti-money Laundering Directive and the Funds Transfer Regulation.
The proposed revisions follow the JMLSG’s proposals to amend Part I of its guidance which was published on 21 March 2017 (see our blog here).
The proposed revisions to Parts II and III of the JMLSG guidance are also believed to be consistent with the Risk Factor Guidelines which are to be issued by the European Supervisory Authorities (ESAs). Although the final version of the guidelines has not yet been published, the JMLSG explains that the changes it has made to its guidance reflects what was proposed in the ESA consultation version published in October 2015, with some anticipation of possible changes that the ESAs will make.
The deadline for comments on the proposed revision is 26 May 2017.