JFSC examination feedback on DNFBP SAR obligations [accountants, online casino, estate agents and lawyers]
24/06/2024
In 2023, the JFSC assessed 20 designated non-financial businesses and professions (DNFBPs) [albeit not TCSBs] compliance with their statutory and regulatory obligations for suspicious activity reporting.
The assessment group included:-
- nine ACCOUNTANTS,
- one ONLINE CASINO,
- six ESTATE AGENTS and
- four LAWYERS.
During the examination, the JFSC found the following areas for improvement:
- Corporate governance
- Suspicious activity reporting procedures
- Employee training
The feedback below includes good practices for DNFBPs and the next steps. DNFBPs must now consider the findings and best practices highlighted in this feedback against their arrangements.
The JFSC feedback from that examination is now live.
- 2023 designated non-financial businesses and professions' suspicious activity reporting obligations feedback.
- https://www.jerseyfsc.org/industry/examinations/examination-findings-and-questionnaires/2023-designated-non-financial-businesses-and-professions-suspicious-activity-reporting-obligations-feedback/
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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.