The Joint Money Laundering Steering Group (JMLSG) has published for consultation the proposed text of a new annex to be included in Chapter 5 of Part I of its Guidance on the prevention of money laundering and the financing of terrorism in the UK financial services industry.
The proposed new annex contains sectoral guidance on pooled client accounts and covers areas including: (i) what to consider as part of the documented customer risk assessment; (ii) the written agreement with the customer; and (iii) due diligence measures.
The consultation period closes on 10 June 2020.
JMLSG consultation on new sectoral guidance on pooled client accounts
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