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Home News JFSC financial crime 2020 examinations findings report issued - Almost 200 (191) findings identified…!!!!
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JFSC financial crime 2020 examinations findings report issued - Almost 200 (191) findings identified…!!!!

31/03/2021

The JFSC  financial crime examinations 2020 report shows identified 191 findings and, therefore, many companies not meeting their statutory and regulatory requirements.

Businesses included:

  1. 86 licensed entities undertaking regulated financial services business such as deposit-taking, fund services, investment and trust company businesses and
  2. 12 other relevant schedule 2 persons that included:
    1. Accountants,
    2. Estate agents and
    3. The legal profession.

The JFSC  feedback paper, published today, encourage all businesses to

  1. Review the report to assess their compliance risks and the effectiveness of their systems and controls to prevent, detect and report financial crime.

Some of the key findings related to:

  1. Board and senior management responsibilities,
  2. Reporting suspicions of money laundering,
  3. The role of the money laundering compliance officer and the money laundering reporting officer.

Other findings included

  1. systems and controls (including policies and procedures) to prevent, detect and report money laundering and the financing of terrorism; and
  2. customer due diligence - ongoing monitoring and identification measures.

In many instances, the JFSC  identified findings

  1. That were similar to those highlighted during previous examinations of the relevant person,
  2. Indicating that senior management action to address those historic findings had not been fully completed or was ineffective at remedying the matter in question.

There were also findings at some organisations

  1. Similar to those highlighted in previous feedback papers issued by the JFSC.

Financial Crime Examinations: Feedback from the 2020 examinations\

JERSEY

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

news disclaimer -

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.