JFSC REPORT on Reliance on Obliged Persons
12/08/2020
The JFSC thematic examination regarding Reliance on Obliged Persons has identified 54 findings where businesses were not meeting their statutory obligations and regulatory requirements.
The JFSC conducted reviews of 11 regulated businesses, including banks, fund services businesses, investment businesses and trust company businesses to assess how they rely on other parties for customer identification measures.
While a number of the businesses examined were mostly compliant, some had to make significant changes to their working practices due to the many findings the JFSC identified.
The JFSC feedback paper, published today [11/08/2020], details their findings and the JFSC encourage all businesses to review the report so they can assess their compliance.
The JFSC will continue to assess the use of the reliance regime as part of their ongoing work to fight financial crime. The JFSC also intend to focus on a number of the findings in their future examinations programme.
Thematic examination feedback paper: Reliance on obliged persons
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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.