The Joint Money Laundering Steering Group (JMLSG)

The Joint Money Laundering Steering Group (JMLSG) is made up of the leading UK Trade Associations in the Financial Services Industry. The members of the JMLSG are Association of British Insurers (ABI), Association of Foreign Banks (AFB), Association of Independent Financial Advisers (AIFA), Association of Private Client Investment Managers and Stockbrokers (APCIMS),British Bankers’ Association (BBA), Council of Mortgage Lenders (CML), Electronic Money Association (EMA), Finance and Leasing Association (FLA), Investment Management Association (IMA), Wholesale Market Brokers’ Association (WMBA) and other organizations.

The JMLSG aims at promulgating good practice in countering money laundering and to giving practical assistance in interpreting the UK Money Laundering Regulations.

This is achieved by publishing Money Laundering Guidance Notes for the financial sector that are produced since 1990. The Guidance Notes get regularly updated to reveal changing circumstances and developing good practice.

The Guidance Notes outline the requirements of money laundering legislation of the UK, provide the interpretation of the Regulations and develop a base for management to work out tailored policies and procedures appropriate to their business. They are not mandatory, however, they indicate what is expected from financial sector firms and point to a safe way in respect of the Regulations.

The Guidance Notes are applicable to all banks, building societies and credit institutions, all individuals and firms dealing with investment business, all insurance companies covered by the European life Directives and other physical and legal persons. Most of the content can be applicable to other companies and businesses carrying out relevant financial activities as well.

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