May 13, 2024

Regulatory Affairs Newsletter: May 2024

Welcome to the May 2024 edition of our Regulatory Affairs Newsletter. In this update, we bring you key insights and developments shaping the regulatory landscape.

JMLSG Consultation

On 29 April, the Joint Money Laundering Steering Group, the private sector body comprising of the leading UK Trade Associations in the financial services industry, issued a consultation of proposed revisions to Sector 18 (wholesale markets) of their Guidance notes.

Any entity wishing to read and/or comment should refer to the JMLSG’s website.

Upcoming Webinar

Kemp IT Law are hosting a webinar on the EU’s Digital Operational Resilience Act which will have an impact on financial entities and their information and communications technology suppliers whose operations take them into the EU.

If this is of interest to you, please look to register below:

WEBINAR: Getting Ready for DORA - Kemp IT Law

LBMA Training Update

Following feedback from the end-of-year survey, we are in the process of developing two training programmes: An Introduction to the Anti Money Laundering/Counter Terrorist Financing Regime, and Compliance Officer Training for LBMA Good Delivery Refineries. If you would like to pre-register your interest in either, please feel free to reach out to

Sanction Update (OFSI)

The UK Treasury’s Office of Financial Sanctions Implementation (OFSI) released an FAQ on UK Financial Sanctions, which you may find of use.

For general advice on UK Financial Sanctions, an overview of obligations and OFSI’s approach to licensing and compliance issues, please refer to OFSI’s General Guidance.

FCA Anti-Greenwashing Guidance

The FCA has recently issued guidance to aid firms in understanding and complying with their anti-greenwashing rule. This measure, part of the broader Sustainability Disclosure Requirements (SDR) and investment labels policy (PS23/16), aims to protect consumers against misleading information, fostering informed decision-making aligned with sustainability preferences. By offering clear guidelines, the FCA seeks to establish consistent standards in this evolving market, enhancing transparency and credibility within the financial sector.

If you have any questions, please don't hesitate to reach out to LBMA's Compliance team at Alternatively, you can schedule a call with us schedule a call with us via Calendly. We welcome your inquiries and look forward to supporting your compliance efforts.

Best Wishes,

Graham Jelf
Compliance Officer