JMLSG publishes proposals

London – The Joint Money Laundering Steering Group (JMLSG) published a wealth of information on its website in March for money laundering reporting officers in the UK.

The most eagerly awaited document was its consultation proposals for revised guidance on preventing money laundering and terrorist financing in mid-March.

The proposals represent a significant overhaul for the JMLSG guidance notes. They shift the guidance to a 'risk-based' approach to money laundering prevention. For example, firms would be allowed to focus AML resources on the minority of customers who pose a higher risk, and it would simplify the amount of documentation individuals need to prove their identity when conducting certain types of transactions with banks. It would also reduce the amount of documentation needed to verify the identity of non-personal customers, and allow greater account to be taken of identity verification carried out by other regulated firms.

It has also published notes on how money launderers use banks and other financial services firms to wash their cash.

Also now on the website is 36 short case studies on the various ways money laundering and terrorist financing is accomplished. And there is a list of web links for service providers, regulators around the world and other organisations involved in the fight against money laundering. OpRisk