JFSC February 2021 updates to the AML/CFT Handbook appendices – and CAYMAN connection warning
01/03/2021
The JFSC has published updated versions of Appendices B, D1 and D2 of the AML/CFT Handbook to consider the latest Financial Action Task Force (FATF) statements.
- Countries and territories listed under Sources 1 and 2 of Appendix D2 should be treated as not compliant with FATF Recommendations for Article 17A of the Money Laundering Order.
- These requirements are effective immediately.
Firms also need to take particular care when considering placing reliance on
- An OBLIGED PERSON based in one of these countries and territories.
Whenever The JFSC update these handbook appendices, the JFSC advise Firms to
- Review their policies and procedures, as well as existing customer relationships, to assess the impact on business.
- You should discuss any concerns with your supervisor.
For this most recent update, The JFSC is asking businesses with
- Connections to the Cayman Islands to provide their supervisor with their proposed plan of action and timescales for completion by the end of March.
The JFSC response is in line with other Crown Dependencies
https://www.jerseyfsc.org/news-and-events/2021-updates-to-the-amlcft-handbook-appendices/
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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.