The Joint Money Laundering Steering Group (“JMLSG”) has published revisions to sector 12: Asset finance and sector 17: Syndicated lending in Part II of its Guidance on the prevention of money laundering and the financing of terrorism for the UK financial services industry.

The revisions do not change the substance of the guidance provisions, but seek to describe in more current terms:

• the way the sectors work,
• how to assess the risks in the sector, and
• how to identify who the customers are.

The JMLSG Guidance provides a sound basis for firms to meet their legislative and regulatory obligations when tailored by firms to their particular business risk profile.

Departures from good industry practice, and the rationale for so doing, should be documented, and may have to be justified, for example to the Financial Conduct Authority.

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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).

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The Joint Money Laundering Steering Group (“JMLSG”) is consulting on changes to Part I of the Guidance – the current version was last amended in November 2014. The proposed revisions reflect the draft Money Laundering and Transfer of Funds (Information on the Payer) Regulations 2017 published on 15 March 2017 (see the “Money Laundering: Politically Exposed Persons” article in this Regulatory Roundup).

Although there are changes throughout the Guidance, the JMLSG advises that there are ‘relatively extensive changes’ to Chapter 5 (‘Customer Due Diligence’).

The JMLSG invites comments on the proposed changes by 28 April 2017.

Access to both the consultative version and to a marked up copy (split into four segments) can be accessed via the link provided.

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