The JMLSG has published proposed amendments to Part II of its guidance, involving revisions to a number of key sections:

– Wealth management

– Financial advisors

– Non-life providers of investment fund products

– Discretionary and advisor investment management

– Consumer credit providers

– Private equity

– Cryptoasset providers and custodian wallet providers

The original Guidance set out what is expected of firms in relation to the prevention of ML/TF, but allows them some discretion as to how they apply the requirements of the UK AML/CTF regime in the particular circumstances of the firm.

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