JFSC Thematic examinations scheduled for early 2021
04/12/2020
JFSC issue an advanced notice of Enhanced due diligence and simplified due diligence (EDD/SDD) thematic examinations in the New Year.
In the first quarter of 2021, the Supervision Examination Unit will undertake a further examination to see how firms are applying these measures to business relationships.
This examination will focus on when and how Relevant Persons have used EDD measures to a business relationship, where they have identified and assessed that there are higher risks of financial crime. It will also evaluate how firms apply exemptions and simplified approaches to identification measures if they’re satisfied that the customer qualifies for exemptions and little risk of financial crime.
The 2021 thematic follows, the 2016 and 2017thematic examination on Enhanced Due Diligence Measures (EDD) and Simplified Due Diligence Measures (SDD). Following the review, the JFSC shared a summary of the findings.
Themed Examination Programme: enhanced and simplified due diligence
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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.