Joint Money Laundering Steering Group (JMLSG) Guidance
Why is the Society adopting this guidance?
The JMLSG Guidance Part 1 deals with topics relevant to all Regulated Persons. The Guidance is comprehensive, detailed and is widely recognised by the FSA, Treasury and other Regulators. The Society is also mindful of the need to have consistent guidance throughout the regulated sector and in particular to have guidance which is relevant to solicitors firms whether or not they are FSA Authorised.
To avoid matters being taken out of context, no attempt has been made to extract sections. The Society refers members to Part 1 of the guidance in full. This will also allow members to access the most up to date version, as and when revisions are made.
The detailed index to the guidance makes it simple to locate the appropriate section as required, however you must be familiar with the guidance as a whole.
Where additional guidance is required, to either clarify or to address issues specific to Scottish Solicitors, this is included in the Society’s Guidance, Part 2.
The Society expresses grateful thanks to the JMLSG for allowing the Society to adopt Part 1 as the basis for guidance to our members.
Other impending changes
The Third Money Laundering Directive has implications for legislation other than the Money Laundering Regulations. Currently the Home Office is consulting on the Terrorism Act 2000 and the Proceeds of Crime Act 2002. The AML Guidance makes reference to the requirements of both of these Acts and will be kept under review in light of possible changes.
Client or Customer?
The term “customer” is used throughout the Regulations and within the JMLSG Guidance. The Treasury did not amend the Regulations to include reference to “client” but has clarified that the term customer includes client and that firms may use either term.
