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Financial Crime
As you may be aware, the Joint Money Laundering Steering Group (JMLSG) has just published its new Guidance on the prevention of money laundering and the financing of terrorism for the financial services industry; the guidance is available currently in pdf format from the JMLSG website In the accompanying press release - also available from their website - the JMLSG explain that: "The revised JMLSG guidance will change the way that money laundering/terrorist financing risk is managed in the UK, affecting the way many firms operate and deal with customers. The new guidance will enable the UK financial services industry to take a sharper, risk-based approach to the international fight against financial crime." The Guidance has now been submitted for approval by a Treasury Minister and the current proposal is that it will be effective some 6 months following such approval. We hope to circulate shortly details of the training that will be available, from the JMLSG and the wholesale market trade associations, on the new Guidance. The FOA will also be producing, later this month, a briefing note on the new Guidance, which we hope to follow up on with a Senior Management Briefing and - depending on the final timing of the JMLSG and wholesale market trade association events - the first of our new, quarterly, Anti-Money Laundering forums. Finally, we would like to take this opportunity to thank the AML Committee Chairs (Neil Jeans, Steve Thomas and Rob Cutler) and all the Committee members who given up so much of their time to become involved in the drafting and/or review of the new Guidance.
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As you may recall, last year the AML Committee agreed to set up a separate Anti Fraud Working Group to, inter alia, identify and analyse fraud risks facing FOA members and assist in developing (ideally in conjunction with other wholesale market trade associations) good practice fraud management guidelines to assist members benchmark their systems and controls for managing this form of risk. Given that the work on the revised JMLSG Guidance is, now, at an end and in light of the FSA's continued focus on financial crime in the widest sense (see, for example, the proposed amendments in relation to fraud reporting in Chapter 6 of CP06/1), we believe that the time is now right to establish this Working Group. We will be contacting members who have expressed an interest in joining the Working Group shortly, to arrange the first meeting. In the meantime, if you or a colleague from your anti-fraud team (who may not receive communications from the FOA) would be interested in joining the Working Group, or you have comments on any specific issues that you believe this Working Group should address during 2006, please email Jane Green
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