JFSC risk-based supervision is now a legal requirement
13/10/2021
The Government of Jersey has amended the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2021,
The change makes it a legal requirement for the JFSC to use a risk-based approach when supervising the following for compliance with their AML/CFT obligations.
- Businesses and
- Individuals
The above is an approach the JFSC already undertake, so there should be no real impact for businesses.
Risk already drives how the JFSC supervise AML/CFT, for example
- The JFSC uses the data the JFSC collects from businesses to determine the frequency and depth of a business's supervision.
This change
- It also helps the JFSC demonstrate compliance with the Financial Action Task Force (FATF) Recommendations 26 and 28.
In a short VIDEO/VIMEO update, Hamish Armstrong, the JFSC Chief Advisor for financial crime, provides more information about this change.
- Check out "Law amendment to make risk-based supervision a legal requirement- HAMISH ARMSTRONG" from Jersey FSC on Vimeo.
- The video is available for your viewing pleasure at https://vimeo.com/630063419
Read more
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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.