JFSC Industry update [16 May 2022] - 30 findings identified in 2021 supervisory risk examinations
16/05/2022
During 2021, supervisory risk examinations were conducted at nine [X9] supervised persons, including:
- Deposit-taking Business (Banking),
- Money Service Business,
- Fund Services Business,
- Investment Business and
- Trust Company Business licence holders.
These examinations were conducted in response to a known or perceived risk within a particular supervised person.
The focus of the examination depended on the specific issues and concerns identified relating to compliance with relevant statutory and regulatory requirements.
Summary
- 30 findings were identified, highlighting a range of
- statutory and regulatory requirements that had either not been complied with or had only partially been complied with.
- 37% of the findings identified were
- considered to be of a more serious nature.
- 73/% of the findings related to
- non-compliance or partial compliance with the statutory and AML/CFT code requirements.
- 27% - The remaining findings related to
- board responsibilities,
- compliance monitoring and
- conflict of interest
- Approximately 73% of the findings related to non-compliance or partial compliance with the statutory and AML/CFT code requirements. The remaining findings related to board responsibilities, compliance monitoring and conflict of interests.
- 73% of the findings from the examinations highlighted non-compliance or partial non-compliance with the statutory and AML/CFT code requirements, as set out in the Order and the Handbook
Next steps
In light of these findings, we are asking supervised persons to read the 2021 supervisory risk examinations feedback paper, and consider their own arrangements to ensure that they are complying with all the relevant statutory and regulatory requirements.
Read the full paper here.
- https://www.jerseyfsc.org/industry/examinations/2021-supervisory-risk-examinations-feedback-paper/
- https://www.jerseyfsc.org/media/5494/e-supervisory-risk-examinations-2021.pdf
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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.