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The JFSC is making Changes to AML/CFT Handbooks following consultation


The JFSC is making changes to the AML/CFT Handbooks due to Financial Action Task Force (FATF) Recommendations and Industry feedback to its consultation paper.

These changes will come into effect on 31st May 2021, where they will publish the final wording of the AML Handbooks.

The JFSC is:
  • Making changes as to when evidence of identity will be considered - as being provided "without delay."
  • Removing the list of equivalent countries and territories in the AML/CFT Handbooks, and guidance and links to appropriate information sources will be offered instead
The JFSC will also require:
  • Relevant persons must maintain appropriate policies and procedures so that they can provide a copy of their business risk assessment to the JFSC on request
  • Customer due diligence guidance - will be amended for certain legal personsand arrangements to demonstrate full implementation with international standards
Also, at a future date (not published), the JFSC
  • Will amalgamate the four AML/CFT Handbooks into one consolidated AML/CFT Handbook, with general and sector-specific chapters

You can find full details in the JFSC  consultation feedback paper