What is JMLSG?
JMLSG (The Joint Money Laundering Steering Group) is made up of the leading UK Trade Associations in the Financial Services Industry. Its aim is to promote good practice in countering money laundering and to give practical assistance in interpreting the UK Money Laundering Regulations.
The JMLSG supports the use of electronic authentication to prove an individual’s identity. In the following guidance notes, Prevention of Money Laundering / Combating Terrorist Financing - Guidance for the UK Financial Sector Part I December 2007 it states:
"If identity is verified electronically, this should be by the firm, using as its basis the customer's full name, address and date of birth, carrying out electronic checks either direct, or through a supplier which meets the criteria in paragraphs 5.3.39 and 5.3.40, that provide a reasonable assurance that the customer is who he says he is."
The standard level of confirmation, in circumstances that do not give rise to concern or uncertainty, is: a match on an individual's full name and current address, and a second match on an individual's full name and either his current address or his date of birth.
Commercial agencies that provide electronic verification use various methods of displaying results - for example, by the number of documents checked, or through scoring mechanisms.
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