News

JFSC February 2021 updates to the AML/CFT Handbook appendices – and CAYMAN connection warning  

01/03/2021

The JFSC has published updated versions of Appendices B, D1 and D2 of the AML/CFT Handbook to consider the latest Financial Action Task Force (FATF) statements.

  • Countries and territories listed under Sources 1 and 2 of Appendix D2 should be treated as not compliant with FATF Recommendations for Article 17A of the Money Laundering Order.

  • These requirements are effective immediately.

Firms also need to take particular care when considering placing reliance on

  • An OBLIGED PERSON based in one of these countries and territories.

Whenever The JFSC  update these handbook appendices, the JFSC advise Firms to

  • Review their policies and procedures, as well as existing customer relationships, to assess the impact on business.

  • You should discuss any concerns with your supervisor.

For this most recent update, The JFSC is asking businesses with

 

  • Connections to the Cayman Islands to provide their supervisor with their proposed plan of action and timescales for completion by the end of March.

The JFSC  response is in line with other Crown Dependencies

https://www.jerseyfsc.org/news-and-events/2021-updates-to-the-amlcft-handbook-appendices/