The Joint Money Laundering Steering Group has published draft guidance for consumer credit firms relating to their compliance with their anti-money laundering obligations, in line with the FCA’s new responsibilities of supervising such firms from 1 April 2014.
In the main, the draft guidance inserts a new chapter 11a on consumer credit providers into the sector-specific guidance in Part II of the JMLSG Guidance. This proposed guidance affects both unsecured credit providers and secured lenders offering the following products:
- store cards and other revolving credit facilities;
- point of sale or other retail finance;
- personal loans or short term credit; and
- second charge lending.
The deadline for comments on the draft guidance is 21 February 2014.
View Consumer credit providers, 29 January 2014