The Joint Money Laundering Steering Group (JMLSG)

The Joint Money Laundering Steering Group (JMLSG) is an authoritative body based in the United Kingdom that sets anti-money laundering (AML) guidelines for the financial sector. It was established in 1992 and comprises of leading trade associations in the UK financial industry, including representatives from banks, building societies, money service businesses, and other relevant organizations. The primary objective of the JMLSG is to provide essential guidance to regulated financial institutions on how to prevent money laundering and the financing of terrorism effectively.

The JMLSG publishes risk-based guidance for firms to comply with UK’s AML legislation and regulations, thereby aiding financial institutions in implementing appropriate policies, procedures, and controls to mitigate money laundering risks. These guidelines cover various aspects, including customer due diligence, record keeping, suspicious activity reporting, and internal controls. The JMLSG regularly updates its guidance documents to align with the evolving AML regulatory landscape, ensuring that financial institutions stay informed about the best practices and methodologies to combat money laundering activities. Its influential role in shaping AML standards makes the JMLSG a vital resource for the financial industry in the UK.