Who is the guidance addressed to?
The Guidance prepared by JMLSG is addressed to firms in the industry sectors represented by its member bodies, and to those firms regulated by the FCA. All such firms - which, for the avoidance of doubt, include those which are members of JMLSG trade associations but not regulated by the FCA, and those regulated by the FCA which are not members of JMLSG trade associations - should have regard to the contents of the guidance.
Financial services firms which are neither members of JMLSG trade associations nor regulated by the FCA are encouraged to have regard to this guidance as industry good practice. Firms which are outside the financial sector, but subject to the ML Regulations, particularly where no specific guidance is issued to them by a body representing their industry, may also find this guidance helpful.
The guidance will be of direct relevance to senior management, nominated officers and MLROs in the financial services industry. The purpose is to give guidance to those who set the firm's risk management policies and its procedures for preventing money laundering and terrorist financing. Although the guidance will be relevant to operational areas, it is expected that these areas will be guided by the firm's own, often more detailed and more specific, internal arrangements, tailored by senior management, nominated officers and MLROs to reflect the risk profile of the firm.