Following on from the publication of the revised drafts of Parts I and II of the Joint Money Laundering Steering Group (JMLSG) anti-money laundering and counter-terrorist financing guidance last week, amendments have been made to:
- better reflect the FCA’s objectives in the area of financial crime;
- emphasise the importance of communicating policies and procedures;
- provide additional guidance on monitoring the effectiveness of systems and controls;
- refer to the FCA’s Financial Crime guide, to ensure that firms are aware of the need to consider the FCA’s expectations in various areas; and
- provide guidance to firms on the importance of taking account of other contacts and relationships that a customer may have with other areas of the business or the firm’s group.
The deadline for comments on the revised drafts is 15 September 2014.
View Proposed amendments to JMLSG Guidance, 25 July 2014