JFSC want a 16 May 2022 update on your UAE risk plans
21/03/2022
The JFSC is asking affected businesses to share, by 16th May 2022, their plans for addressing
- The change in the risk profile of their customer bases,
- Along with the timescale for completion of remedial measures,
The JFSC say
Industry update 21 March 2022 - Addition of the UAE to the FATF grey list
Following the addition of the United Arab Emirates (UAE) to the Financial Action Task Force’s (FATF) list of jurisdictions under increased monitoring (the “grey list”) on 4 March 2022, we have updated Appendices D1 and D2 of the AML/CFT Handbook.
Countries and territories listed under sources 1 and 2 of Appendix D2 should be treated as non-compliant with FATF recommendations for the purposes of Article 17A of the Money Laundering Order.
The AML/CFT and other supervisory risk data that we have been collecting since 2018 indicates a significant exposure in Jersey to customers associated with the UAE.
If your business has links to the UAE, you should be reviewing your policies and procedures, and your existing customer relationships, in order to assess the impact of the FATF’s addition of the UAE to its grey list.
We are asking affected businesses to share their plans for addressing the change in the risk profile of their customer bases, along with the timescale for completion of remedial measures, with their supervisor by the 16 May 2022.
https://www.jerseyfsc.org/news-and-events/addition-of-the-uae-to-the-fatf-grey-list/
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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.