JERSEY JFSC FCEU VISITS - 146 findings identified in the 2021 financial crime examinations
30/06/2022
In 2021, the JFSC conducted 25 financial crime examinations and identified 146 results at the businesses visited.
Findings
The 146 findings from the JFSC 2021 financial crime examinations were similar to those outlined in previously published feedback and related, for the most part, to statutory and regulatory requirements concerning:
- Corporate governance
- Customer due diligence measures
- Reporting suspicions of money laundering and terrorist financing
- Employee screening, awareness and training
- Corporate governance arrangements relating to the roles of the Money Laundering Compliance Officer and the Money Laundering Reporting Officer and
- Reporting suspicions of money laundering or terrorist financing featured prominently in examination findings for a second consecutive year, with 52 results raised concerning non-compliance or partial non-compliance with relevant statutory and regulatory requirements.
Next steps
- The JFSC expect boards and senior management of supervised persons to consider the findings highlighted in this paper against their arrangements to ensure their business is complying with relevant statutory and regulatory requirements.
Where supervised persons identify any deficiencies in systems and controls, the JFSC expect them to:
- Prepare a remediation plan and discuss this with their supervisor
- Consider the notification requirements under the AML/CFT Codes of Practice within Section 2.3 of the Handbook and Principle 6 of the relevant Codes of Practice
- Remedy any identified matters in the manner identified in the documented remediation plan agreed with their supervisor
- Consider what assurance activities will provide comfort to the board/senior management that deficiencies identified have been addressed effectively
Read the full feedback paper https://www.jerseyfsc.org/industry/examinations/financial-crime-examinations-feedback-from-2021-examinations/
The Team
Meet the team of industry experts behind Comsure
Find out moreLatest News
Keep up to date with the very latest news from Comsure
Find out moreGallery
View our latest imagery from our news and work
Find out moreContact
Think we can help you and your business? Chat to us today
Get In TouchNews 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.
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.