On 21 March 2017, the Joint Money Laundering Steering Group (JMLSG) published proposed revisions to Part I of its guidance on the prevention of money laundering and the financing of terrorism for the UK financial services industry. The revisions are set out in the following marked-up versions (all dated 14 March 2017):

• Chapters 1-3 (Senior Management responsibility and governance, Internal controls and Nominated Officer/money laundering reporting officer (MLRO)).  http://bit.ly/2oZQZYE
• Chapter 4 (Risk-based approach).  http://bit.ly/2nJe3dT
• Chapter 5 (Customer due diligence).  http://bit.ly/2nJ8ZGt
• Chapters 6-8 (Suspicious activities, reporting and data protection, Staff awareness, training and alertness and Record-keeping). http://bit.ly/2nWS6ZI

A webpage on the consultation paper states that the proposed revisions: http://bit.ly/2oC1hBJ – each chapter is also shown;

1. Chapters 1-3 click here   http://bit.ly/2oZQZYE
2. Chapter 4 click here   http://bit.ly/2nJe3dT
3. Chapter 5 click here   http://bit.ly/2nJ8ZGt
4. Chapters 6-8 click here   http://bit.ly/2nWS6ZI
5. The JMLSG has also published a draft version of the guidance taking into account the changes above. For the consultation version of Part I:  click here

The Changes;

• Reflect the provisions of the proposed new Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017, which were published by HM Treasury on 15 March 2017
• Make extensive changes to the material on electronic verification in Chapter 5 of the guidance.
  1. This is to address concerns that the present text is not even-handed enough and does not reflect modern practices in the electronic/digital world.
• Re-orders a lot of the material in Chapter 4 of the guidance.
  1. This is to present the separate text on risk assessment and the risk based approach more clearly.
  2. In the light of the introduction of the new Regulations of a formal legal obligation to carry out a risk assessment, the JMLSG felt it was appropriate to improve the presentation of the supporting material in the guidance.

The consultation closes on 28 April 2017.