JMLSG opens consultation on proposals to amend anti-money laundering guidance notes
The UK Joint Money Laundering Steering Group (JMLSG) last week opened a two-month consultation on proposals to amend its legally binding guidance notes, in light of the pending implementation of the Third Money Laundering Directive in December this year.
The revised guidance has been issued in draft form until the final regulations are published, although no significant changes are expected.
The main changes include a number of new and changed definitions, including beneficial owners and politically exposed persons (PEP); the customer due-diligence measures that should be applied; that customer due-diligence measures should be applied on a risk-based approach; the extent to which reliance may be placed on the work of other regulated firms
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