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JFSC financial crime 2020 examinations findings report issued - Almost 200 (191) findings identified…!!!!


The JFSC  financial crime examinations 2020 report shows identified 191 findings and, therefore, many companies not meeting their statutory and regulatory requirements.

Businesses included:

  1. 86 licensed entities undertaking regulated financial services business such as deposit-taking, fund services, investment and trust company businesses and
  2. 12 other relevant schedule 2 persons that included:
    1. Accountants,
    2. Estate agents and
    3. The legal profession.

The JFSC  feedback paper, published today, encourage all businesses to

  1. Review the report to assess their compliance risks and the effectiveness of their systems and controls to prevent, detect and report financial crime.

Some of the key findings related to:

  1. Board and senior management responsibilities,
  2. Reporting suspicions of money laundering,
  3. The role of the money laundering compliance officer and the money laundering reporting officer.

Other findings included

  1. systems and controls (including policies and procedures) to prevent, detect and report money laundering and the financing of terrorism; and
  2. customer due diligence - ongoing monitoring and identification measures.

In many instances, the JFSC  identified findings

  1. That were similar to those highlighted during previous examinations of the relevant person,
  2. Indicating that senior management action to address those historic findings had not been fully completed or was ineffective at remedying the matter in question.

There were also findings at some organisations

  1. Similar to those highlighted in previous feedback papers issued by the JFSC.

Financial Crime Examinations: Feedback from the 2020 examinations\