The Joint Money Laundering Steering Group (JMLSG) is a private sector-led group that provides guidance to financial services firms on how to comply with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations. The group was established in 1992 and is made up of representatives from UK Trade Associations from a variety of financial services sectors.
The JMLSG produces guidance in the form of "sectoral guidance notes" that provide detailed advice on how to comply with anti-money laundering and counter-terrorist financing regulations. These guidance notes cover a range of topics, such as customer due diligence (CDD), risk assessment, and suspicious activity reporting (SAR). The guidance notes are regularly updated to ensure that they remain relevant and reflect changes in legislation and regulation.
The JMLSG's guidance is widely used by financial services firms to help them comply with their legal and regulatory obligations. The group's guidance is considered to be authoritative and is often referred to by regulators, law enforcement agencies, and other stakeholders. The JMLSG also engages with regulators and other stakeholders to ensure that its guidance reflects best practice and is consistent with regulatory expectations.
In summary, the JMLSG plays an important role in helping financial services firms to comply with anti-money laundering and counter-terrorist financing regulations. The group's guidance is widely used and respected, and is an important tool for firms seeking to manage their money laundering and terrorist financing risks.