The JFSC is making Changes to AML/CFT Handbooks following consultation
02/03/2021
The JFSC is making changes to the AML/CFT Handbooks due to Financial Action Task Force (FATF) Recommendations and Industry feedback to its consultation paper.
These changes will come into effect on 31st May 2021, where they will publish the final wording of the AML Handbooks.
The JFSC is:
- Making changes as to when evidence of identity will be considered - as being provided "without delay."
- Removing the list of equivalent countries and territories in the AML/CFT Handbooks, and guidance and links to appropriate information sources will be offered instead
The JFSC will also require:
- Relevant persons must maintain appropriate policies and procedures so that they can provide a copy of their business risk assessment to the JFSC on request
- Customer due diligence guidance - will be amended for certain legal personsand arrangements to demonstrate full implementation with international standards
Also, at a future date (not published), the JFSC
- Will amalgamate the four AML/CFT Handbooks into one consolidated AML/CFT Handbook, with general and sector-specific chapters
You can find full details in the JFSC consultation feedback paper
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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.