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