JFSC risk-based supervision is now a legal requirement
The Government of Jersey has amended the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2021,
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.
- Businesses and
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.
- 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