The JFSC is reminding the industry about their CAYMAN information request
10/03/2021
Good morning; the JFSC has followed up their CAYMAN information request [ www.jerseyfsc.org/news-and-events/2021-updates-to-the-amlcft-handbook-appendices/ ] with the following email.
From: My JFSC <myjfsc@jerseyfsc.org>
Sent: 09 March 2021 23:21
Subject: FATF grey list – updates to AML/CFT Handbook
Good morning,
You will no doubt already be aware that on Thursday 25 February the Financial Action Task Force (FATF) published its revised list of jurisdictions under Increased Monitoring (the “grey list”) and it includes the Cayman Islands. This listing, which is now effective, means that Cayman is not compliant with FATF Recommendations for the purpose of Article 17A of the Money Laundering Order.
We published updates to Appendices B, D1 and D2 of the AML/CFT Handbook on our website on Friday 26 February.
Whenever we update these handbook appendices, you should review your policies and procedures, as well as your existing customer relationships, to assess whether there is any impact on your business.
If your business has links with the Cayman Islands, we are asking you to undertake all appropriate reviews and provide your proposed remediation plans, along with the timescale for completion to your supervisor, before the end of March.
Our response is in line with the other Crown Dependencies.
If you have any questions about this, you should speak with your supervisor.
Jill Britton, Director Supervision
Jersey Financial Services Commission
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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.