Sources of further information
Further information on the Money Laundering Regulations 2007
- Please see the Money Laundering Regulations 2007 and our Approach Document for more detail on the precise scope of our new supervisory responsibilities.
Money Laundering Regulations 2007
The FSA’s new role under the Money Laundering Regulations 2007: Our Approach [PDF] * - The Money Laundering Regulations 2007 introduce new requirements that were not included in the previous Regulations. New concepts such as simplified due diligence and enhanced due diligence allow firms to be more risk-based in their approach. There are also more detailed customer due diligence requirements. Much of what will be prescribed by the Regulations is already good industry practice. To help the financial industry meet its obligations, the Joint Money Laundering Steering Group have published a revised version of their Guidance on the JMLSG website.
Joint Money Laundering Steering Group website - It may not be clear to some businesses who their supervisor will be. We have designed a flow chart to help businesses determine which, if any, supervisory authority they will need to contact. This document is a more up-to-date version of the chart contained in our approach document. The Third EU Money Laundering Directive will also be of interest.
Flow chart [PDF]
The FSA’s new role under the Money Laundering Regulations 2007: Our Approach [PDF] *
Third EU Money Laundering Directive
The FSA applies a "risk-based" approach to supervising firms under the Money Laundering Regulations. To find out more, please read this document that has been jointly prepared by the members of the Anti-Money Laundering Supervisors' Forum. This forum was created by HM Treasury in 2007, and brings together all the bodies in the UK with supervisory responsibilities under the Money Laundering Regulations 2007, including the FSA.
* Clarification: Section 1.9 of the Approach Document incorrectly states that businesses that begin trading after 15 December 2007 will have six months to inform us of this. Businesses must register by 15 June 2008. After 15 June 2008, if a business is planning to offer services that would require it to be registered with the FSA, it will need to register with the FSA before beginning to trade.
Also, please note that "Money transmission services" and "Issuing and administering means of payment", referred to on page 5 of the Approach Document, have now been replaced with "Providing payment services" and "Issuing and administering other means of payment" as categories of firm that may be supervised by FSA. Please see our glossary of terms for definitions.