The Joint Money Laundering Steering Group (JMLSG) has issued a consultation paper as a result of its review of anti-money laundering (AML) and counter-terrorist financing (CTF) standards in the UK.
The review represents the second stage of the JMLSG’s guidance, focusing on areas of omission, difficult to implement provision of the guidance, and looking at changing standards to reflect up-to-date practices.
The paper, entitled ‘Prevention of money laundering/combating terrorist financing’ reviews AML with a sectoral approach. The sectors of the financial services industry most affected by the review are life insurance and pensions industry related investment products, general insurance, tailored and advisory investment management, trade finance, wholesale markets, and prime brokerage and other investment fund related services.
The group comprises 18 UK financial services industry bodies, including the British Bankers’ Association, London Investment Banking Association, the Association of Foreign Banks and the Association of British Insurers.
The JMLSG has set a deadline for comments of October 21, 2009. The consultation paper may be read by clicking here.
Source: Risk.NET
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