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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.

Source

https://www.jerseyfsc.org/industry/consultations/

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