The Joint Money Laundering Steering Group (JMLSG) has set out possible amendments to its Part II 2007 guidance on electronic money. The changes, which are minimal, take account of the UK’s Electronic Money Regulations 2011. The JMLSG said that the guidance is designed to provide clarification to electronic money issuers on customer due diligence and related measures required by law. The body noted that the guidance is incomplete on its own. It must be read in conjunction with the main guidance in Part I and the specialist guidance in Part III.
Direct link to the revised consultation paper, 29Feb2012: here
Press release JMLS, link : here