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JMLSG Proposes Amendments to Part II

14 November 2022
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JMLSG Proposes Amendments to Part II

The Joint Money Laundering Steering Group (JMLSG) has published proposed amendments to Part II of its guidance, involving revisions to a number of key sections.

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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