JFSC report says Comprehensive changes needed for EDD and SDD Measures and Exemptions
21/09/2021
The JFSC has said [20 September 2021]
- Comprehensive changes are needed for some businesses to fully comply with Enhanced and Simplified Due Diligence Measures and Exemptions
- Following recent examinations, several regulated businesses will need to make comprehensive changes to their systems and controls to fully comply with the requirements for Enhanced Customer Due Diligence, Simplified Customer Due Diligence and Exemptions.
This statement follows a recent thematic visit to 10 businesses and 20 QA surveys
- TEN BUSINESSES were visited, including deposit-taking businesses, fund services businesses, investment businesses, and trust company businesses.
- Also, a questionnaire to 20 businesses across all sectors and considered their responses alongside our examination findings.
These visits found:
- The findings highlight a range of statutory obligations and regulatory requirements that were either not complied with or were only partially in compliance.
- Two of the businesses were fully compliant,
- x8 partially compliant - 22 findings of which five were not part of the examination’s scope [out of scope].
- The ‘out of scope’ results are related to preventing and detecting money laundering and terrorist financing.
- The following chart shows the breakdown of the 22 findings which were within the scope of our examination.
Read the full feedback paper. https://www.jerseyfsc.org/industry/examinations/ecdd-scdd-and-exemptions-examination/
Webinar – 13 October 2021
- On Wednesday, 13 October, Amanda Reilly, Head of Examinations, Sarah Valerkou, Senior Manager Supervision Examination Unit and Hamish Armstrong, Chief Adviser – Financial Crime, will host a webinar taking a more detailed look at the findings.
Learn more about the webinar and register.
https://www.eventbrite.co.uk/e/ecdd-scdd-and-exemptions-examination-webinar-tickets-175541608677
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.