Published: 29th May 2018

Of relevance to: All regulated firms
Key dates: Applicable from 17 May 2018

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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