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JFSC REPORT on Reliance on Obliged Persons


The JFSC thematic examination regarding Reliance on Obliged Persons has identified 54 findings where businesses were not meeting their statutory obligations and regulatory requirements.

The JFSC conducted reviews of 11 regulated businesses, including banks, fund services businesses, investment businesses and trust company businesses to assess how they rely on other parties for customer identification measures.

While a number of the businesses examined were mostly compliant, some had to make significant changes to their working practices due to the many findings the JFSC identified.

The JFSC feedback paper, published today [11/08/2020], details their findings and the JFSC encourage all businesses to review the report so they can assess their compliance.

The JFSC will continue to assess the use of the reliance regime as part of their ongoing work to fight financial crime. The JFSC also intend to focus on a number of the findings in their future examinations programme.

Thematic examination feedback paper: Reliance on obliged persons