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.
https://www.jmlsg.org.uk/consultations/consultation-part-ii/