JERSEY FSC FINANCIAL CRIME EXAMINATIONS: INDUSTRY FEEDBACK

On 26 June, the FSC released this document, saying that it regularly undertakes examinations to assess the extent to which the regulatory framework is being complied with, provides feedback directly to those within scope and also provides a public feedback document such as this which summarises the key findings of those examinations. It says that examiners noted high levels of awareness of both financial crime-related risks and the consequences of non-compliance with policies and procedures amongst employees of Relevant Persons. However, Relevant Persons often had difficulty in demonstrating involvement of senior management (including the Principal Persons) in the development, scrutiny and use of its business risk assessment.

https://www.jerseyfsc.org/industry/on-site-visits/financial-crime-examination-feedback/

 

 

 

 

 

 

 

If you would like to say thanks by making a small contribution, in case I need to upgrade or replace my computers and other paraphernalia, I have a page at https://www.buymeacoffee.com/KoIvM842y

 

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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