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
- 14 supervised businesses,
- With no findings identified at one of them.
- For the remaining 13,
- 47 findings were identified;
- 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.