The Joint Money Laundering Steering Group

The Joint Money Laundering Steering Group (JMLSG) is an organisation made up of a number of trade associations from the Financial Services industry. These include:

• The Association of British Insurers (ABI).
• British Bankers Association (BBA).
• Building Societies Association (BSA).
• Council of Mortgage Lenders (CML).
• Association of Professional Financial Advisers (APFA).

The number of members has increased substantially since the implementation of the Money Laundering Regulations to accommodate the different sectors now subject to the rules.

The aim of the JMLSG is to promote good practice in countering money laundering and to give practical assistance in interpreting the UK Money Laundering Regulations. In order to achieve this objective, the JMLSG issue guidance notes. These are provided in two parts; general guidance applicable to all and sector guidance applicable to the different industry sectors subject to the Money Laundering Regulations. A court may take adherence to these guidance notes into account when considering whether someone is guilty of an offence. The JMLSG regularly update their guidance notes to reflect changing legislation and to develop best practice.

There are also many other useful aspects of the JMLSG guidance.

Further information can be found at www.jmlsg.org.uk