JFSC Industry update [16 May 2022] - 30 findings identified in 2021 supervisory risk examinations
During 2021, supervisory risk examinations were conducted at nine [X9] supervised persons, including:
- Deposit-taking Business (Banking),
- Money Service Business,
- Fund Services Business,
- Investment Business and
- Trust Company Business licence holders.
These examinations were conducted in response to a known or perceived risk within a particular supervised person.
The focus of the examination depended on the specific issues and concerns identified relating to compliance with relevant statutory and regulatory requirements.
- 30 findings were identified, highlighting a range of
- statutory and regulatory requirements that had either not been complied with or had only partially been complied with.
- 37% of the findings identified were
- considered to be of a more serious nature.
- 73/% of the findings related to
- non-compliance or partial compliance with the statutory and AML/CFT code requirements.
- 27% - The remaining findings related to
- board responsibilities,
- compliance monitoring and
- conflict of interest
- Approximately 73% of the findings related to non-compliance or partial compliance with the statutory and AML/CFT code requirements. The remaining findings related to board responsibilities, compliance monitoring and conflict of interests.
- 73% of the findings from the examinations highlighted non-compliance or partial non-compliance with the statutory and AML/CFT code requirements, as set out in the Order and the Handbook
In light of these findings, we are asking supervised persons to read the 2021 supervisory risk examinations feedback paper, and consider their own arrangements to ensure that they are complying with all the relevant statutory and regulatory requirements.
Read the full paper here.