Print Article

Customer risk assessment tested and reported by the JFSC


The JFSC has identified 47 findings identified across 13 supervised businesses following a CUSTOMER RISK ASSESSMENT thematic examination

The JFSC  undertook a thematic examination to assess the extent to which supervised businesses had applied a suitable risk-based approach to customer due diligence measures.

The JFSC  also considered whether they had adequately assessed the risk that their business relationships, or one-off transactions, would involve money laundering and terrorist financing.

The examinations covered

  1. 14 supervised businesses,
    • With no findings identified at one of them.
  2. For the remaining 13,
    • 47 findings were identified;
  3. And
    • 44 within the scope of the theme and
    • Three outside of the scope of the theme.

The following chart shows the breakdown of the findings from the examination.

In addition to the examinations,

  • The JFSC  issued a questionnaire to a further 19 supervised businesses, with the responses considered alongside the findings.


  • There were many examples of good practice identified.
  • Boards and senior management are encouraged to consider enhancements to systems and controls in line with the good practice described in section 5 of the paper.

Read the full feedback paper.

The JFSC will host a webinar at the end of March, taking a more detailed look at the findings.