The Department of Home Affairs has drafted up revisions to its Anti-Money Laundering and Countering the Financing of Terrorism (Amendment) Code for the attention of compliance officers and financiers.

The proposals set out in its so-called draft amendment code are there to please MONEYVAL, the European FATF-style regional body which visited the isle last year. All regulated persons and 'designated businesses' are involved. The last version of the code was published in 2015. The FATF or Financial Action Task Force is the world's top anti-money-laundering standard setter.

The main proposals are as follows.

• The introduction of requirements to govern sanctions screening.
• An obligation for each firm to consider whether the relevant person has met the customer in the course of business when conducting client risk assessments.
• The introduction of Paragraph 10A, which proposes to force every relevant person to "undertake certain considerations" in cases of introduced business.
• More requirements in Paragraph 21 (about persons in a regulated sector acting on behalf of a third party) to please the FATF.
• An amendment of Paragraph 23 to ensure that it only deals with instances where a relevant person relies on an eligible introducer for background checking and so forth.

Comments must be in by close of business today.