“29” new questions added to the 2023/24 JFSC Supervisory Risk Data request [deadline 31 May 2024]
22/01/2024
The JFSC will start its AML/CFT/CPF and other supervisory risk data collection on 1 February 2024; this year, it will include 29 additional new questions.
Why 29 new questions?
In October 2023, the JFSC launched a consultation paper for feedback on its proposals to include additional questions in its 2023 annual AML/CFT/CPF and other supervisory risk data collection exercises.
The JFSC proposed these additional questions to broaden its risk understanding of supervised businesses, particularly in:-
- CONDUCT RISK &
- PRUDENTIAL RISK.
The consultation closed on 1 December 2023, with 52 responses received. The JFSC responses to the feedback and explanation of its approach can be found in the Feedback paper on consultation paper no. 9, 2023.
Considering the feedback received, the JFSC has resolved to:
- Not proceed with ten additional questions
- Delay the inclusion of 34 additional questions.
- Retain 29 additional questions to be included in the 2023 AML/CFT/CPF and other Supervisory Risk Data Collection exercise
- In addition, the JFSC will proceed with issuing the legal persons and legal arrangement (LPA) data collection for the 2023 reporting year.
Next steps
The JFSC
- Will issue the 2023 annual AML/CFT/CPF and other supervisory risk data collection exercise on 1 February 2024,
- With a submission deadline of 31 May 2024.
- The additional data collection requests proposed for non-profit organisations and trust company businesses will be launched simultaneously with the same reporting deadline.
SOURCE
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.