Big changes to the JFSC AML/CFT Handbook being proposed for early 2023
13/10/2022
INTRODUCTION
1. In an Industry update [13 October 2022] the JFSC have stated their desire to amend the AML/CFT Handbook
2. Any amendments will only follow an 8-week consultation starting the end of October
3. The sections impacted are:
a. 2, 3, 4, 6, 7, 8, 9, 10, 14, 15 and 16
b. And the Glossary.
4. The end date and going live will probably be end of 1st quarter 2023 [although they have not said]
KEY FACTS
5. On 16 March, the JFSC advised that they would be undertaking further enhancement and simplification work on the Anti-money Laundering and Counter-terrorist Financing (AML/CFT) Handbook.
6. The goal is to improve the compliance of Jersey’s regulatory framework with the FATF Recommendations.
7. The JFSC aim is to also provide you with further guidance on areas where Industry has requested additional clarity.
8. The JFSC proposed changes include, but are not limited to:
a. additional guidance on
i. risk appetite and
ii. business risk assessments
b. further clarity on
i. identification measures,
ii. risk assessments and
iii. enhanced Customer Due Diligence (CDD) measures
c. New Codes of Practice in respect of
i. ongoing monitoring of sanctions
d. Expanded Code of Practice regarding
i. the competence and probity of certain employees
9. The JFSC have also added some diagrams to assist in the explanation of certain concepts within the AML/CFT Handbook.
10. To support the JFSC in achieving its objective, a series of meetings were held in August 2022 following the JFSC request for volunteers [ were you asked?] to come forward to form an Industry working group.
NEXT STEPS
11. Following further revisions, the JFSC anticipate being able to publish a full consultation on the JFSC proposed amendments to the AML/CFT Handbook by the end of OCTOBER 2022.
12. The consultation will last for eight weeks [EG JANUARY 2023], and the JFSC intend to hold at least one drop-in session during the consultation period to allow Industry to seek further clarity on any of the changes proposed.
13. The end date and going live will probably be end of 1st quarter 2023 [although they have not given an indication on any precise date yet]
SOURCE
• https://www.jerseyfsc.org/news-and-events/upcoming-amendments-to-the-amlcft-handbook/
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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.