JMLSG updates guidance

JMLSG has submitted several updates to its guidance to Treasury for approval. There is one update to Part I, relating to Chapter 6, and highlighting the ability of FOS to effectively handle complaints with a money laundering element. Recognising the difficulties firms may have in responding to a customer, FOS has a specially trained team that will deal with these complaints, and NCA has confirmed that firms may provide relevant information to FOS. Otherwise, the changes all relate to the sectoral guidance in Part II and cover chapters;

  • 5 (wealth management)
  • 6 (financial advisers)
  • 11A (consumer credit providers)
  • 13 (private equity)
  • 22 (cryptoasset exchange and custodian wallet providers)

JMLSG is also still awaiting Treasury approval of the changes it submitted in November 2022.

Emma Radmore