Contact: Sorrelle Cooper
Deloitte
Public Relations
020 7303 4820
The Joint Money Laundering Steering Group (JMLSG) has today published new guidance on how banks and financial services businesses should approach money laundering and terrorist financing risk.
Nick Matthews, Forensic Principal at Deloitte, commented: “The onus is firmly on senior management to ensure that there are systems and controls in place to combat money laundering. While there will be an enhanced cost burden, we believe it is essential and will have long-term benefits. If companies invest the time and resources in an up-front assessment of their money laundering risks and in designing reasonable controls, they will protect themselves from the threat of fines under UK law, as well as risks under overseas legislation.”
The Guidance Notes, which are expected to influence other sectors covered by money laundering regulations, such as lawyers and accountants, also have an impact on how firms identify their clients.
Matthews went on to say: “The Guidance Notes have made the process of identifying a person easier. In normal circumstances, financial services companies now only need to obtain one piece of identity information, such as a passport, to complete the process. Identity documentation is only the starting point, however, as firms must ensure that they understand and monitor the money laundering or terrorist financing risk that their customer could represent.”
Karen Silcock, the Money Laundering Reporting Officer at Deloitte, commented: “While the process of checking identities has become simpler when identifying individual retail customers, there is still a great deal of complexity in identifying corporate clients. We would like to see the UK government engaging in dialogue with other Financial Action Task Force (FATF) members to see how international standards of availability and ease of access to company registers could be improved.”
Ends
Notes to editors
About Deloitte
In this press release references to Deloitte are references to Deloitte & Touche LLP which is among the country’s leading professional services firms, providing audit, tax, consulting and corporate finance services through more than 9,000 people in 21 locations. Known as an employer of choice for innovative human resources programmes, it is dedicated to helping its clients and its people excel. Deloitte & Touche LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu (‘DTT’), a Swiss Verein whose member firms are separate and independent legal entities. Neither DTT nor any of its member firms has any liability for each other’s acts or omissions. Services are provided by member firms or their subsidiaries and not by DTT. Deloitte & Touche LLP is authorised and regulated by the Financial Services Authority. The information contained in this press release is correct at the time of going to press.
