Big changes to the JFSC AML/CFT Handbook being proposed for early 2023
1. In an Industry update [13 October 2022] the JFSC have stated their desire to amend the AML/CFT Handbook
2. Any amendments will only follow an 8-week consultation starting the end of October
3. The sections impacted are:
a. 2, 3, 4, 6, 7, 8, 9, 10, 14, 15 and 16
b. And the Glossary.
4. The end date and going live will probably be end of 1st quarter 2023 [although they have not said]
5. On 16 March, the JFSC advised that they would be undertaking further enhancement and simplification work on the Anti-money Laundering and Counter-terrorist Financing (AML/CFT) Handbook.
6. The goal is to improve the compliance of Jersey’s regulatory framework with the FATF Recommendations.
7. The JFSC aim is to also provide you with further guidance on areas where Industry has requested additional clarity.
8. The JFSC proposed changes include, but are not limited to:
a. additional guidance on
i. risk appetite and
ii. business risk assessments
b. further clarity on
i. identification measures,
ii. risk assessments and
iii. enhanced Customer Due Diligence (CDD) measures
c. New Codes of Practice in respect of
i. ongoing monitoring of sanctions
d. Expanded Code of Practice regarding
i. the competence and probity of certain employees
9. The JFSC have also added some diagrams to assist in the explanation of certain concepts within the AML/CFT Handbook.
10. To support the JFSC in achieving its objective, a series of meetings were held in August 2022 following the JFSC request for volunteers [ were you asked?] to come forward to form an Industry working group.
11. Following further revisions, the JFSC anticipate being able to publish a full consultation on the JFSC proposed amendments to the AML/CFT Handbook by the end of OCTOBER 2022.
12. The consultation will last for eight weeks [EG JANUARY 2023], and the JFSC intend to hold at least one drop-in session during the consultation period to allow Industry to seek further clarity on any of the changes proposed.
13. The end date and going live will probably be end of 1st quarter 2023 [although they have not given an indication on any precise date yet]
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