The Joint Money Laundering Steering Group has opened a consultation on proposed amendments to its Guidance. The revisions to the Guidance are to account for changes introduced by The Money Laundering and Terrorist Financing (Amendment) Regulations 2019. The Regulations amend the existing Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, incorporating changes arising from the EU’s Fifth Anti-Money Laundering Directive. The majority of the amending Regulations provisions came into force on January 10, 2020, with the exception of those governing: (i) customer due diligence on anonymous prepaid cards; and (ii) requests for information about accounts and safe-deposit boxes, which will come into force on July 10, 2020, and September 10, 2020, respectively. The consultation closes on April 3, 2020.
The JMLSG intends to launch a consultation on new sector guidance for crypto-assets before the end of February 2020.
View the consultation.
View details of The Money Laundering and Terrorist Financing (Amendment) Regulations 2019.
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