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JFSC  Thematic examinations scheduled for early 2021


JFSC issue an advanced notice of Enhanced due diligence and simplified due diligence (EDD/SDD) thematic examinations in the New Year.

In the first quarter of 2021, the Supervision Examination Unit will undertake a further examination to see how firms are applying these measures to business relationships.

This examination will focus on when and how Relevant Persons have used EDD measures to a business relationship, where they have identified and assessed that there are higher risks of financial crime. It will also evaluate how firms apply exemptions and simplified approaches to identification measures if they’re satisfied that the customer qualifies for exemptions and little risk of financial crime.

The 2021 thematic follows, the 2016 and 2017thematic examination on Enhanced Due Diligence Measures (EDD) and Simplified Due Diligence Measures (SDD). Following the review, the JFSC shared a summary of the findings.

Themed Examination Programme: enhanced and simplified due diligence