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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:

  1. Corporate governance
  2. Customer due diligence measures
  3. Reporting suspicions of money laundering and terrorist financing
  4. Employee screening, awareness and training
  5. Corporate governance arrangements relating to the roles of the Money Laundering Compliance Officer and the Money Laundering Reporting Officer and
  6. 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
  1. 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:

  1. Prepare a remediation plan and discuss this with their supervisor
  2. 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
  3. Remedy any identified matters in the manner identified in the documented remediation plan agreed with their supervisor
  4. 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/

SOURCE = https://www.jerseyfsc.org/news-and-events/146-findings-identified-in-2021-financial-crime-examinations/

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