“29” new questions added to the 2023/24 JFSC Supervisory Risk Data request [deadline 31 May 2024]
The JFSC will start its AML/CFT/CPF and other supervisory risk data collection on 1 February 2024; this year, it will include 29 additional new questions.
Why 29 new questions?
In October 2023, the JFSC launched a consultation paper for feedback on its proposals to include additional questions in its 2023 annual AML/CFT/CPF and other supervisory risk data collection exercises.
The JFSC proposed these additional questions to broaden its risk understanding of supervised businesses, particularly in:-
- CONDUCT RISK &
- PRUDENTIAL RISK.
The consultation closed on 1 December 2023, with 52 responses received. The JFSC responses to the feedback and explanation of its approach can be found in the Feedback paper on consultation paper no. 9, 2023.
Considering the feedback received, the JFSC has resolved to:
- Not proceed with ten additional questions
- Delay the inclusion of 34 additional questions.
- Retain 29 additional questions to be included in the 2023 AML/CFT/CPF and other Supervisory Risk Data Collection exercise
- In addition, the JFSC will proceed with issuing the legal persons and legal arrangement (LPA) data collection for the 2023 reporting year.
- Will issue the 2023 annual AML/CFT/CPF and other supervisory risk data collection exercise on 1 February 2024,
- With a submission deadline of 31 May 2024.
- The additional data collection requests proposed for non-profit organisations and trust company businesses will be launched simultaneously with the same reporting deadline.
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