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The JFSC picks 24 firms for SANCTIONS thematic examination


The JFSC are testing the effectiveness and efficiency of supervised persons' screening regarding sanctions. Twenty-four supervised persons will participate in the testing, which will commence in November. The JFSC will be contacting the chosen entities shortly.

This testing follows a thematic questionnaire the JFSC issued in January 2022, where 65 supervised persons provided information on systems and controls to ensure compliance with statutory and regulatory requirements.

The JFSC has engaged AML Analytics Limited to assist by using specialised sanctions screening methods and technology testing.

As with the questionnaire, the sample includes representation from the banking, funds services business, investment business, trust company business sectors and the legal profession.