UK credit unions set to receive money laundering guidance for the first time
LONDON – The British Banker's Association's (BBA) Joint Money Laundering Steering Group (JMLSG) has issued draft guidance for credit unions for the first time.
The steering group, which is an amalgamation of 16 different trade associations, will finalise the entry of credit unions into the organisation next month. The admission of unions will coincide with the submission of the finalised guidance on money laundering to the Treasury for approval. If approved, the proposals will then be added to the JMLSG's existing Industry Guidance that was endorsed by the Chancellor of the Exchequer in March.
The guidance sets out a risk-based approach to mitigating
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