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Industry update

Changes to AML/CFT Handbooks following consultation

We are making changes to the AML/CFT Handbooks as a direct result of Financial Action Task Force (FATF) Recommendations and Industry feedback to our consultation paper.

We are very grateful to Industry for providing us with feedback on our consultation paper. Today we have issued a summary of your views and the changes we are making as a result of this paper. These changes will come into effect on 31 May 2021 and we will publish the final wording of the AML Handbooks.

In summary:

  • Relevant persons must maintain appropriate policies and procedures so that they can provide a copy of their business risk assessment to the JFSC on request
  • Customer due diligence guidance will be amended for certain legal persons and arrangements to demonstrate full implementation with international standards
  • We are making changes as to when evidence of identity will be considered as being provided “without delay”
  • We are removing the list of equivalent countries and territories in the AML/CFT Handbooks. This will be replaced with guidance and links to appropriate information sources
  • We will amalgamate the four AML/CFT Handbooks into one consolidated AML/CFT Handbook, with general and sector specific chapters. This will be done at a future date.

You can find full details in our consultation feedback paper.