The Jersey Financial Services Commission has published the key findings from the first series of industry examinations with financial services businesses across several sectors – deposit-taking business, investment business, fund services business and trust company business.
Established in 2019, the Commission's Financial Crime Examination Unit (FCEU) coordinates the examinations, focusing on systems and controls to prevent, detect and report money laundering, the financing of terrorism and other financial crimes. The first examinations were conducted between Q4 of 2019 and Q1 of 2020.
Having reviewed and analysed data held by the JFSC, together with supervisory knowledge of Relevant Persons, a sample of six financial services businesses (14 Relevant Persons) was selected. The objective in each case was to review and assess the following:
• Had the Relevant Person implemented effective systems and controls to prevent, detect and report financial crime?
• Had the Relevant Person’s systems and controls enabled it to comply with its legal obligations set out in the Order and the Statutory Requirements and Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Codes of Practice?
• Were the Relevant Person’s systems and controls to prevent, detect and report financial crime being complied with?
• To what extent were the risks of money laundering, the financing of terrorism and other financial crimes understood by the Relevant Person’s Principal Persons, Key Persons and other employees?
The main findings from the examinations and points of good practice can be viewed here?