JFSC Thematic examination: AML business risk assessment and strategy SELF ASSESSMENT [DO NOT IGNORE]
JFSC Thematic examination: Anti-money laundering and countering the financing of terrorism business risk assessment and strategy
Following the JFSC announcement of its planned thematic examination program,
They are reviewing:
- The extent to which supervised persons have assessed their exposure to money laundering and terrorist financing risk, and
- Documented a resulting strategy to counter it.
In addition to the JFSCs scheduled examinations, they are also asking
- A selection of 20 supervised businesses to complete a questionnaire on the theme of anti-money laundering and countering the financing of terrorism (AML/CFT) business risk assessment (BRA) and strategy.
- The businesses selected are from:-
- The accountancy,
- Legal and
- Estate agency sectors.
- And the Selected companies will be contacted today and will have until 11 April 2022 to complete and submit the questionnaire
Following the JFSC's analysis of the responses,
- They will ask for a sample of businesses to provide additional information and/or evidence to support the answers.
- They will share the results of the questionnaire in the JFSC's feedback.
To assist Jersey firms, they have published a copy of the questionnaire on the JFSCs website
And they recommend that
- All supervised businesses undertake a self-assessment to consider their arrangements.
- Where any deficiencies in their systems and controls are identified, they suggest that a remediation plan be agreed on and take any action(s) necessary.
- Firms consider the notification requirements under the code of practice within section 2.3 of the relevant AML/CFT Handbooks.
And finally, firms are reminded about their Statutory and code requirements for having an:
- Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Business Risk Assessment (BRA) and strategy
Meet the team of industry experts behind ComsureFind out more
Keep up to date with the very latest news from ComsureFind out more
View our latest imagery from our news and workFind out more
Think we can help you and your business? Chat to us todayGet In Touch
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 email@example.com.