as per normal course, can you just give us a bit of an overview on sort of what these rules are and what they're trying to achieve?

Yes, sure.

So on the 20th of July, CIMA published two new rules governing AML compliance programs and financial sanctions compliance.

The new rules convert previously non-binding guidance set out in CIMA's AML guidance notes into legally enforceable requirements backed by administrative fines and penalties.

Now, generally speaking, the new rules reflect the requirements set out in the AML regulations and SEMA's guidance notes.

However, there are some new requirements which we'll take a look at shortly.

SEMA's new rules apply broadly to all SEMA regulated financial service providers.

So just track us through the governance framework.