The Joint Money Laundering Steering Group: AML final guidance for consumer credit providers

Following consultation on 29 January 2014, on 11 March 2014 the Joint Money Laundering Steering Group’s (JMSLG’s) board approved the final guidance for consumer credit firms relating to their compliance with anti-money laundering (AML) obligations. This was published on 20 March 2014.

This amends the JMLSG’s AML and counter-terrorist financing (CTF) guidance for the financial services sector by inserting a new chapter 11a (consumer credit providers) into the sector-specific guidance in Part II and is produced in the context of the Financial Conduct Authority’s assumption of responsibility for supervising such firms’ compliance with the AML obligations from 1 April 2014.

The guidance has been amended to set out and clarify consumer credit providers’ duties for compliance with money laundering and terrorist financing risks. It also provides guidance on assessing the risk of money laundering and carrying out customer due diligence…

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