All systems go: A new approach to anti-money laundering compliance

© Denton Wilde Sapte 2006. Emma Radmore and Sara MacKenzie are senior solicitors in Denton Wilde Sapte’s Financial Markets and Regulation Group.

The Financial Services Authority (FSA) and Joint Money Laundering Steering Group (JMLSG) published the new, top-down approach to tackling money laundering and terrorist financing in February 2006, bringing an end to months of consultation and uncertainty. Although the changes have not been driven by any change in legislation, the new approach taken by the regulators mean that all firms covered by the anti-money laundering (AML) regime must urgently review and revise their systems and controls.