JFSC risk-based supervision is now a legal requirement

The Government of Jersey has amended the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2021,

• https://www.jerseylaw.je/laws/enacted/Pages/L-13-2021.aspx

The change makes it a legal requirement for the JFSC to use a risk-based approach when supervising the following for compliance with their AML/CFT obligations.

1. Businesses and
2. Individuals

The above is an approach the JFSC already undertake, so there should be no real impact for businesses.

Risk already drives how the JFSC supervise AML/CFT, for example

• The JFSC uses the data the JFSC collects from businesses to determine the frequency and depth of a business's supervision.

This change

• It also helps the JFSC demonstrate compliance with the Financial Action Task Force (FATF) Recommendations 26 and 28.

In a short VIDEO/VIMEO update, Hamish Armstrong, the JFSC Chief Advisor for financial crime, provides more information about this change.

• Check out "Law amendment to make risk-based supervision a legal requirement- HAMISH ARMSTRONG" from Jersey FSC on Vimeo.
• The video is available for your viewing pleasure at https://vimeo.com/630063419

Read more

• https://www.jerseyfsc.org/news-and-events/law-amendment-to-make-risk-based-supervision-a-legal-requirement/?utm_source=newsletter&utm_medium=email&utm_campaign=our_latest_news_and_updates&utm_term=2021-10-12