RE: Industry update - 29 May 2020 - JFSC/JFCU Changes to SARs and MIRs response letters

Changes to SARs and MIRs response letters - Industry update - 29th May 2020

1. The Financial Intelligence Unit at the States of Jersey Police is changing how they send response letters for suspicious activity reports (SARs) and miscellaneous information report (MIRs).
2. From Monday 1st June, if you submit a SAR or MIR, you will receive an email from the Financial Intelligence Unit to confirm they have received the report. This email will replace the response letter that the unit previously sent out.
3. This change should make the process easier for all parties while maintaining compliance with the Proceeds of Crime (Jersey) Law 1999.

View article... https://www.jerseyfsc.org/news-and-events/changes-to-sars-and-mirs-response-letters/

You can find more information on Joint financial Crime Unit website. https://jersey.police.uk/about-us/departments/financial-crime-(jfcu)/updates/ - also shown below

18th May 2020

1. Response letters to change
2. The Financial Intelligence Unit would like to advise industry of a change in our process which relates to response letters issued by the FIU in respect to SARs and MIRs that it receives.
3. This change will take effect from Monday 1st June 2020.
4. The change will see the current response letters replaced by an email that has the text of the appropriate response within the e mail. No longer will the email attach a copy of the response letter.
5. This change remains compliant with the duties of the FIU to respond to the receipt of a submission under the Proceeds of Crime (Jersey) Law 1999 and should make the receipt and storage of such responses easier for all parties.
6. THE jfcu (Jason and Michael) are happy to address any concerns or issues with regard to this change and can be contacted on 01534 612679 or 01534 612188 respectively.

11th May 2020

1. The FIU would like to bring to your attention a recent paper issued on 4th May 2020 by FATF (Financial Action Task Force) titled “COVID-19-related Money Laundering and Terrorist Financing - Risks and Policy Responses”.
2. This important document looks at the coordinated and timely response to the impact of the COVID-19 crisis on global anti-money laundering (AML) and counter terrorist financing (CFT) efforts. Importantly, the paper identifies challenges, good practices and policy responses to new money laundering and terrorist financing risks, threats and vulnerabilities arising from the crisis.
3. Where not already done so, the FIU suggests local Financial Institutions take time to review the content of this paper, a link to which can be found: https://www.fatf-gafi.org/publications/fatfgeneral/documents/covid-19-ml-tf.html
4. https://www.fatf-gafi.org/publications/fatfgeneral/documents/covid-19-ml-tf.html

18th February 2020

1. The FIU would like to draw your attention to the below link, regarding changes to the Money Laundering Order including the SAR template.
2. The FIU are currently updating the SAR template, and a working group of MLROs will be assisting in this process.

https://www.jerseyfsc.org/news-and-events/updates-to-the-amlcft-handbook-for-regulated-financial-services-businesses/