AML/CFT – Key Learning Points From Jersey

The Jersey Financial Supervision Commission (the JFSC) has recently (June 2020) published a feedback paper for industry on the results of its examinations of compliance with the financial crime requirements across a number of financial services businesses. Given the similarity of the Jersey and Isle of Man prevention of financial crime frameworks, the paper provides a number of useful learning points for Isle of Man regulated entities and designated businesses.

The JSFC identified findings across the headings of:

• Corporate Governance;
• Business Risk Assessment;
• Systems and controls;
• MLRO/DMLRO;
• Customer Due Diligence;
• Suspicious Transaction Reports; and
• Screening, awareness and training of employees.