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Money Laundering Regulations 2017

The Money Laundering Regulations 2017 come into force on 26th June 2017.   In preparation for this, the JMLSG have revised its guidance and part of that revision process has extensively updated the relevant sections on electronic verification.  Comment in a recent JMLSG press release stated:  

At the same time as amending text to align with the draft Regulations, JMLSG have made relatively extensive changes to the material on electronic verification in Chapter 5, in order to address concerns that the present text is not even-handed enough, and does not reflect modern practices in the electronic/digital world.

We have prepared a summary paper to help you understand many of these changes and clearly you will need to interpret these in line with your own policies and procedures and your business’s appetite for risk.   There is still time for additional changes to be introduced but, we believe that any changes are likely to minor and easily manageable.   

Accordingly, our existing users can relax in the knowledge that our SmartSearch platform already complies with the changes detailed in the Regulations and the JMLSGs’ revised interpretation of the same.   And we are confident that any last minute changes can be easily accommodated.

Please feel free to contact us if you wish to discuss any of the regulatory changes and the likely impact on your compliance processes.   We would also be delighted to show you SmartSearch and how we have satisfied the new changes in the Regulations.   

Call 0113 238 7660 to discuss your requirements 

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