News

The JFSC is reminding the industry about their CAYMAN information request

10/03/2021

Good morning; the JFSC has followed up their CAYMAN information request [ www.jerseyfsc.org/news-and-events/2021-updates-to-the-amlcft-handbook-appendices/ ] with the following email.

From: My JFSC <myjfsc@jerseyfsc.org>
Sent: 09 March 2021 23:21
Subject: FATF grey list – updates to AML/CFT Handbook

Good morning,

You will no doubt already be aware that on Thursday 25 February the Financial Action Task Force (FATF) published its revised list of jurisdictions under Increased Monitoring (the “grey list”) and it includes the Cayman Islands. This listing, which is now effective, means that Cayman is not compliant with FATF Recommendations for the purpose of Article 17A of the Money Laundering Order.

We published updates to Appendices B, D1 and D2 of the AML/CFT Handbook on our website on Friday 26 February.

Whenever we update these handbook appendices, you should review your policies and procedures, as well as your existing customer relationships, to assess whether there is any impact on your business.

If your business has links with the Cayman Islands, we are asking you to undertake all appropriate reviews and provide your proposed remediation plans, along with the timescale for completion to your supervisor, before the end of March.

Our response is in line with the other Crown Dependencies.

If you have any questions about this, you should speak with your supervisor.

Jill Britton, Director Supervision

Jersey Financial Services Commission

JERSEY