JFSC Notice on designating "senior management functions."
- Following the conclusion and receipt of feedback, the JFSC has published a Statutory Notice designating "senior management functions".
- The feedback outlines the changes made to the original [draft] form of the Notice following respondent comments.
The Statutory Notice designating "senior management functions is here:-
The Notice determines
- Which senior managers in a registered person will fall within the scope of the JFSC civil financial penalties regime
- Should they be culpable in a registered person's significant and material contravention of
- The Money Laundering Order or
- A Code of Practice.
- AML – found here - https://www.jerseyfsc.org/industry/financial-crime/aml-cft-handbooks/
- Governance, CoB and prudential – found here - https://www.jerseyfsc.org/industry/codes-of-practice/
It will come into effect on 13 March 2023.
WHAT TO DO
As a matter of best practice, registered persons should:-
- IDENTIFY which of their employees they consider to fall into one of the FOUR CATEGORIES of the senior management function
- NOTIFY those employees accordingly.
WHAT NOT TO DO
- Registered persons are requested not to send details of who they consider their senior managers to be.
- Senior managers are asked not to submit personal questionnaires to the JFSC
If the JFSC require information about a registered person's senior managers, the JFSC will specifically request it.
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