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Page last published: 3 January 2008

Joint Money Laundering Steering Group (JMLSG)

Money Laundering Home Page

British Bankers' Association (BBA)
Pinners Hall
105-108 Old Broad Street
London
EC2N 1EX

Tel:               020 7216 8863
Fax:              020 7216 8907
website:      www.jmlsg.org.uk

Prevention of Money Laundering/Combating the Financing of Terrorism - Guidance for the UK Financial Sector

generate/3dlogo10%.gif Versions of the Guidance Notes held within 3d

JMLSG Notes:

28 February 2007 BBA Guidance: Wire Transfers - Suggested Text for Part I of JMLSG Guidance

28 December 2006 BBA Guidance: Wire Transfers - Regulation of the European Parliament and of the Council on information on the payer accompanying transfers of funds

4 December 2006 MLRO Annual Report - Aide memoire for the MLRO - A suggested framework to provide information to inform the MLRO Annual Report

7 September 2006 The assessment of AML/CFT standards in other countries -
The document posted in January 2006 has been updated to reflect changes to the NCCT list, and to include references to additional mutual evaluation reports

31 August 2006 Letter to Martin Hall from Philip Robinson:
FSA's supervisory expectations in monitoring the risk based approach in the 2006 Guidance

31 August 2006 Final transition to new Guidance

14 March 2005 - Consultation: Proposals for revised guidance on the prevention of money laundering and the financing of terrorism

What is The Joint Money Laundering Steering Group?

The Joint Money Laundering Steering Group is made up of the leading UK Trade Associations in the Financial Services Industry. Its aim is to promulgate good practice in countering money laundering and to give practical assistance in interpreting the UK Money Laundering Regulations. This is primarily achieved by the publication of Guidance Notes.

The JMLSG has been producing Money Laundering Guidance Notes for the financial sector since 1990. A revised version was produced in 1993 to accommodate the EC Money Laundering Directive which had been implemented in the United Kingdom by the Criminal Justice Act 1993 (“the 1993 Act”) and the supplementary Money Laundering Regulations 1993 (“the Regulations”) which took effect on 1 April 1994.

Although the Regulations have not been amended since 1994, the Guidance Notes have been regularly updated to reflect changing circumstances and developing good practice.

The Guidance Notes recognise the new powers of the Financial Services Authority (FSA) to make Rules relating to the prevention of money laundering.

What is the Status and Purpose of the JMLSG Guidance Notes?

When the Regulations were drafted in 1993, it was not intended that they would stand alone. Regulation 5 provides that in determining whether a person or institution has complied with any of the requirements of the Regulations, a court may take account of any relevant guidance issued or approved by a supervisory or regulatory body. In the absence of guidance issued by the regulators, relevant guidance may be provided by a trade association or other representative body.

In line with the previous financial sector regulators, the FSA has determined that it does not wish to issue regulatory guidance in support of the Regulations. The Guidance Notes have therefore been issued by the JMLSG to satisfy the provision of Guidance under Regulation 5. The member associations comprising the JMLSG are listed at the end of this explanatory foreword.

With the intention of providing a comprehensive compliance guide to the requirements of the criminal legislation, the Regulations and the FSA Rules relating to money laundering have also been incorporated into the Guidance Notes.

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Joint Money Laundering Steering Group (JMLSG)Money Laundering Home Page

Joint Money Laundering Steering Group (JMLSG)

Money Laundering Home Page