Money Laundering: Further Updates to Guidance

Of Relevance to:
All regulated firms

In addition to proposed changes (see Regulatory Roundup 86) to Part I of the Guidance issued by the Joint Money Laundering Steering Group (“JMLSG”) there are now changes to Part II (Sectoral Guidance) and Part III (Specialist Guidance) up for consultation.

As might be surmised, the changes are brought about by the publication by HM Treasury of the proposed new “Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations” (see Regulatory Roundup 86) which in turn implement the relevant Fourth Money Laundering Directive and accompanying Fund Transfer Regulations (“FTR”) (although the latter is a Regulation, and hence binding upon all Member States, Article 17 of the FTR requires Member States to set out rules on administrative sanctions and measures for breaches).