The Joint Money Laundering Steering Group has published draft guidance for consumer credit firms relating to their compliance with their anti-money laundering obligations, in line with the FCA’s new responsibilities of supervising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In the main, the draft guidance inserts a new chapter 11a on consumer credit providers into the sector-specific guidance in Part II of the JMLSG Guidance.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The deadline for comments on the draft guidance is 21 February 2014.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