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JFSC Thematic examination: AML business risk assessment and strategy SELF ASSESSMENT [DO NOT IGNORE]

11/03/2022

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,

  1. https://www.jerseyfsc.org/industry/examinations/

They are reviewing:

  1. The extent to which supervised persons have assessed their exposure to money laundering and terrorist financing risk, and
  2. Documented a resulting strategy to counter it.

In addition to the JFSCs  scheduled examinations, they are also asking

  1. 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.
  2. The businesses selected are from:-
    • The accountancy,
    • Legal and
    • Estate agency sectors.
  3. 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,

  1. They will ask for a sample of businesses to provide additional information and/or evidence to support the answers.
  2. 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

  1. https://www.jerseyfsc.org/media/5352/bra-questionnaire.pdf

And they recommend that

  1. All supervised businesses undertake a self-assessment to consider their arrangements.
  2. 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.
  3. 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:

  1. Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Business Risk Assessment (BRA) and strategy
  2. https://www.jerseyfsc.org/industry/examinations/statutory-and-code-requirements-for-anti-money-laundering-and-countering-the-financing-of-terrorism-amlcft-business-risk-assessment-bra-and-strategy/

SOURCE

JERSEY