JFSC AML/CFT Handbook Appendix D2 – BEWARE OF SOURCES 1 and 2
30/03/2021
In February, the JFSC Published updated versions of Appendices B, D1 and D2 of the AML/CFT Handbook to take into account the latest Financial Action Task Force (FATF) statements. IN doing so, they advised that Countries and territories listed under Sources 1 and 2 of Appendix D2 should be treated AS NOT COMPLIANT WITH FATF RECOMMENDATIONS for the purpose of Article 17A of the Money Laundering Order. These requirements are effective immediately.
By way of reminder:
- Part 3A of the Money Laundering Order sets out exemptions from customer due diligence requirements, including circumstances in which exemptions do not apply (See Article 17A), exemptions from applying the third party and other identification requirements (See Articles 17B, 17C, 18) and the obligations of the relevant person who is exempt from applying third party identification requirements (See Article 17D)
- Part 3A of the Money Laundering Order provides exemptions from CDD requirements that apply in some strictly limited circumstances, as set out in Articles 17B - D and 18.
- Article 17A provides circumstances in which exemptions under this Part do not apply, namely where:
- The relevant person suspects money laundering;
- The relevant person considers that there is a higher risk of money laundering;
- The relevant customer is resident in a country that is not compliant with the FATF recommendations; or
- A relevant customer is a person in respect of whom Article 15(1)(c) applies.
- ALSO
- You will also need to take particular care when considering placing reliance on an obliged person based in one of these countries and territories.
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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.