JMLSG publishes proposals
London – The Joint Money Laundering Steering Group (JMLSG) published a wealth of information on its website in March for money laundering reporting officers in the UK.
The most eagerly awaited document was its consultation proposals for revised guidance on preventing money laundering and terrorist financing in mid-March.
The proposals represent a significant overhaul for the JMLSG guidance notes. They shift the guidance to a 'risk-based' approach to money laundering prevention. For example, firms would be allowed to focus AML resources on the minority of customers who pose a higher risk, and it would simplify the amount of documentation individuals need to
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