Consultation on revisions to the AML/CFT handbooks
28/05/2020
The JFSC are asking Industry for feedback on proposed changes to the AML / CFT handbooks.
a. The revisions are required in order to implement the 2012 FATF Recommendations.
Are recommending several minor technical amendments to the handbooks specifically in relation to:-
a. business risk assessments
- Make available to JFSC the firms AML BRA
b. customer due diligence,
- Tweaking safe harbours and evidence collecting
c. resilience,
- Obligation to ID without delay – down to 2 working days
- Expand the scope of risk assessment to include country risk
d. equivalent countries and territories.
- Remove the current list and provide guidance and links
- And want to hear from Industry about our suggestion to merge the existing four handbooks into one consolidated version.
Hamish Armstrong, the JFSC Chief Adviser, Financial Crime, has summarised the key points of the consultation paper in this short clip: https://vimeo.com/423343937
Consultation on proposals to revise the AML/CFT Handbooks No 3 2020 - https://www.jerseyfsc.org/industry/consultations/consultation-aml-cft-handbook-revisions-no3-2020/ - https://www.jerseyfsc.org/media/3590/cp-consultation-paper-revisions-to-the-amlcft-handbooks-no-3-2020.pdf
The consultation is open until 31 July.
View article... https://www.jerseyfsc.org/news-and-events/consultation-on-revisions-to-the-amlcft-handbooks/
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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.