JFSC 8-week consultation - enhancing the employee background checks process.
05/12/2024
The consultation addresses a specific MONEYVAL recommendation that Jersey should strengthen its adherence to FATF Recommendations in preventing criminals and their associates from owning, controlling or being in a position of crucial influence in a supervised person.
MONEYVAL found the JFSC’s practice of relying on a self-declaration by PRINCIPAL AND KEY PERSONS (PP/KP) to report criminal convictions at market entry and on any subsequent change instead of requesting sight of criminal record certificate(s) as a routine practice was vulnerable.
The consultation proposes that PPs/KPs additionally provide the JFSC with a certified copy of a current Basic DBS check (or foreign equivalent) as part of an application to act as a PP/KP in a supervised person.
It is not proposed that the requirement to provide such documentation will be retrospectively applied to already approved PP/KPs unless certain defined trigger events and/or at a three-year rolling period occur.
The proposed process will be achieved by introducing additional code requirements to the AML/CFT Handbook and GIMB Code, alongside requisite changes to the JFSC portal and relevant PP/KP forms.
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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.