The Joint Money Laundering Steering Group (JMLSG) is a private sector body that is made up of the leading UK Trade Associations in the financial services industry.
The Group has 14 members. These members are leading Trade Associations in the Financial Services Industry in the UK.
Members of JMLSG include
- Association of British Credit Unions (ABCUL) - https://www.abcul.coop/
- Association of British Insurers (ABI) - https://www.abi.org.uk/
- Association for Financial Markets in Europe (AFME) - https://www.afme.eu/
- Association of Foreign Banks (AFB) - https://lnkd.in/dWNfirP
- British Venture Capital Association (BVCA) - https://www.bvca.co.uk/
- Building Societies Association (BSA) - https://www.bsa.org.uk/
- Electronic Money Association (EMA) - https://e-ma.org/
- European Values & Intermediaries Association (EVIA) - https://www.evia.org.uk/
- Finance & Leasing Association (FLA) - https://lnkd.in/dCza78m
- Investment Association (IA) - https://www.theia.org/
- Loan Market Association (LMA) - https://www.lma.eu.com/
- Personal Investment Management & Financial Advice Association (PIMFA) - https://www.pimfa.co.uk/
- The Investing and Savings Alliance (TISA) - https://www.tisa.uk.com/
- UK Finance (UKF) - https://lnkd.in/diUk6BS
These members control more than 90% of the activities in the Financial Service Industry. This is the reason JMLSG drive for regulatory compliance in the UK financial services industry.
The Group has played a pivotal role in assisting the players in the industry, mostly its members, by issuing guidance known as JMLSG Guidance. This guidance has been updated continuously to meet up with the continuous change in the regulatory requirements.
This regulatory compliance obligations centres around UK anti money laundering (AML) and counter terrorist financing (CTF) legislations. While the guidance is not legislation, it provides a base for the member's firm management team to develop tailored AML/CTF policies and procedures for their business.
The group active participation in the drive for absolute AML/CFT compliance within the financial services industry has helped maintain low risk rating for the United Kingdom.
While the financial regulators - FCA, PRA and others - continue to push for relevant legislations and monitor the adherence to these regulations, the collaboration with the key stakeholders like The Joint Money Laundering Steering Group (JMLSG) within the industry cannot be overemphasised. This has continued to yield positive results.