New proposals published for the prevention of money laundering

February 2005
Credit Control;2005, Vol. 26 Issue 2, p39
Trade Publication
The article reports that the Joint Money Laundering Steering Group (JMLSG), representing the financial services industry has published its proposals for revised guidance on the prevention of money laundering and the financing of terrorism. The proposals envisage a risk-based approach, which would allow firms to focus their resources on the minority of customers who carry a higher risk, simplify the documentary requirements by which most individuals have to prove their identity, and reduce the documentation needed to verify the identity of non-personal customers.


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