AML/CFT Guidance Updates
The revised Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 (‘the 2019 Code’) came into operation on 1 June 2019. A copy of the 2019 Code can be found here. A table summarising the main changes within the 2019 Code can be found here.
The Authority has commenced work on guidance and is now in a position to publish guidance in relation to any new, or substantially amended, areas of the 2019 Code. Work continues in relation to the re-drafting of the entire AML/CFT Handbook to reflect other amendments brought in by the 2019 Code and to update all other parts as deemed necessary. The Authority is aiming to publish the re-drafted AML/CFT Handbook by the end of Q2 2020.
The initial documents being published on the AML/CFT Legislation and Guidance page of the website are as follows:
Replacement guidance documents
- Part 4 “Customer Due Diligence”, this replaces the existing part 4 of the AML/CFT Handbook;
- Introduced business, this replaces section 3.3A of the AML/CFT Handbook;
- Source of funds and source of wealth, this replaces section 4.14 of the AML/CFT Handbook; and
- Generic designated business, this replaces section 6.8 of the AML/CFT Handbook;
These documents have been issued to cover the period whilst the AML/CFT Handbook is being updated in full to reflect the amendments brought in by the 2019 Code. When the new AML/CFT Handbook is published in 2020 the information included in the documents above will be amalgamated into the main body of the AML/CFT Handbook. The current version of the AML/CFT Handbook has been signposted appropriately to link to the above replacement documents.
The revised AML/CFT Handbook can be found here. At this time we will only be publishing a tracked version of the main body of the AML/CFT Handbook as we feel this assists with the signposting in relation to the new guidance documents.
Sector specific AML/CFT guidance notes
- Authorised Insurers (Non-Life), Registered Insurance Managers and Registered Insurance Intermediaries (General Business); and
- Investment business.
Work continues in relation to replacing all of the sector specific AML/CFT Guidance notes, each sector specific document will be published when it has been completed.
AML/CFT (Civil Penalties) Regulations 2019
A guidance note in relation to the above regulations has been issued and is relevant to any person listed in paragraph 2(6)(a) to (r) of Schedule 4 to the Proceeds of Crime Act 2008.
Country Lists
Also at this time, we would like to draw your attention to List C (Equivalent Jurisdiction List) which has been updated. Please see the updated list here which includes details of the revised methodology. It should be noted it is now Cabinet Office who are responsible for the maintenance of this List.
A tracked change version of the list can be found here.
If you have any enquiries regarding any of the above please contact the AML Unit using the following email address: aml@iomfsa.im