New guidance notes and Codes of Practice proposed for the AML/CFT Handbook
10/04/2023
Further to our Industry update on 13 October, we have now published a consultation seeking feedback on further enhancement and clarification carried out on the Anti-money Laundering and Counter-terrorist Financing (AML/CFT) Handbook.
We are proposing to add a range of new and expanded guidance notes across the Handbook.
We are also proposing several new AML/CFT Codes of Practice, spread across five sections of the Handbook.
These changes aim to:
- Provide further clarity and guidance to Industry and
- Demonstrate compliance with the Financial Action Task Force (FATF) Recommendations and Immediate Outcomes.
We also stated that we would be adding some diagrams to assist in explaining certain concepts within the Handbook. These will now be published separately (expected November 2022) and are not subject to this consultation.
We invite feedback on the proposed changes by close of business 13 January 2023. If possible, we should be grateful if you would consider providing feedback earlier. January 2023 will be a pressure point for us in terms of resourcing, therefore any responses received earlier will help us deliver our feedback paper in good time.
Finalised changes to the Handbook arising from this consultation will be amalgamated with those from the recent follow-on consultation on AML/CFT scope exemptions. It is currently our intention that all changes related to both pieces of work will become effective in July 2023.
You can complete the questionnaire linked in the consultation paper, respond directly to us via CPHandbook@jerseyfsc.org or provide your responses to Jersey Finance Limited.
Consultation on proposals regarding further enhancements to the AML/CFT Handbook No 12
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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.