JFSC highlights Jersey Private Funds concerns

Posted: 29/03/2021

The Jersey Financial Services Commission has identified areas of concern following the thematic examination it conducted on the role of the Designated Service Provider (DSP) with respect to Jersey Private Funds (JPFs).

Of the six businesses examined, in most cases processes and procedures put in place were not adequate or effective.

There were also instances where the JPF annual compliance return was filed confirming that JPFs were compliant with all necessary Jersey AML/CFT requirements when this was not the case.

In some cases, the DSPs didn’t have effective systems and controls in place to be able to give the required declarations.

In total, there were 23 findings identified across the six DSPs relating to:
• Internal systems and controls
• JPF annual compliance return
• Director services
• Customer due diligence
• Conflicts
• Compliance reporting.

The Commission said the DSPs in question had acknowledged their deficiencies and in most cases had started remediation.

• Details of the Jersey Private Fund thematic review can be found here

JPF review webinar

On 20 April, the Commission will be hosting a webinar to discuss the findings of the review in more detail. To find out more about the session and to sign up, click here

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