Upcoming amendments to the AML/CFT Handbook

NEWS
Published
Oct 19th '22
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On 16 March, Jersey Financial Services Commission (JFSC) advised that we would be undertaking further enhancement and simplification work on the Anti-money Laundering and Counter-terrorist Financing (AML/CFT) Handbook.

 

The goal is to improve the compliance of Jersey’s regulatory framework with the Financial Action Task Force (FATF) Recommendations.

 

JFSC’s aim is to also provide you with further guidance on areas where Industry has requested additional clarity. The proposed changes include, but are not limited to:

 

  • additional guidance on risk appetite and business risk assessments
  • further clarity on identification measures, risk assessments and enhanced Customer Due Diligence (CDD) measures
  • new Codes of Practice in respect of ongoing monitoring of sanctions
  • expanded Code of Practice regarding the competence and probity of certain employees

 

JFSC has also added some diagrams to assist in the explanation of certain concepts within the AML/CFT Handbook.

 

To support them in achieving this objective, a series of meetings were held in August 2022 following JFSC request for volunteers to come forward to form an Industry working group. The feedback received on the initial drafts and proposed changes was highly valuable, and we are grateful to those who participated.

 

Next steps 

Following further revisions, JFSC anticipate being able to publish a full consultation on the proposed amendments to the AML/CFT Handbook by the end of October.

 

The consultation will last for eight weeks, and we intend to hold at least one drop-in session during the consultation period to allow Industry to seek further clarity on any of the changes proposed.

 

The proposed amendments comprise a mixture of guidance notes and new AML/CFT Codes of Practice. JFSC has also added some diagrams to assist in the explanation of certain concepts.

 

The sections impacted are: 2, 3, 4, 6, 7, 8, 9, 10, 14, 15 and 16 along with the Glossary.

 

Source: JFSC

 

About JFSC

JFSC is the regulator for financial services in the Channel Island of Jersey.

 

They’re responsible for regulating, developing and supervising the Island’s financial services industry. JFSC aim to deliver balanced, progressive, risk-based financial regulation, built on insight, integrity and expertise.

 

About us

At LS Consultancy, our consultants are industry experts that interpret the rules, regulations and spirit of the industry guidelines by assisting you “the client” in implementing a compliance programme that you can be confident is mitigating the risk of financial crime. What we can do:

 

  • We analyse the relevant jurisdictions legislation, regulation and industry guidance to ensure that your controls adopt the highest standard possible
  • Analyse and/ or Enhance your Business Wide Risk Assessment to ensure we consider money laundering and relevant predicate crimes
  • Assessment of your Customer Onboarding and/ or Periodic KYC reviews rely on independent documentation and supported by credible information from your customer – as this is key to your compliance programme.
  • Robust Transaction Monitoring and Screening whilst utilising your up-to-date KYC documentation/ information are fundamental.
  • Greater emphasis on training – why not go through live examples with your RM’s, Operational Teams and Compliance – discuss the areas of concern and come up with compliant solutions.
  • Ensuring your Compliance Monitoring Programme is conducted on a regular basis
  • Engagement with senior management through relevant committees

 

For further information please contact us where our industry experts will be happy to answer your questions.

 

Explore our full range today.

 

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