AML Update: Regulatory Expectations In Respect Of Beneficial Ownership & Control

The Jersey Financial Services Commission (the "JFSC") recently published feedback from its 2022 thematic examination on the extent to which supervised persons complied with their regulatory obligations with respect to beneficial ownership and control ("BOC") (the "Feedback").

The Feedback

In addition to setting out a number of findings identified in the thematic examination, the Feedback sets out invaluable guidance on the JFSC's regulatory expectations in respect of compliance with BOC regulatory obligations, and what it considers to be best practice. In particular, the JFSC's expectations are as follows:

Corporate governance – Compliance Monitoring Plan

• the Compliance Monitoring Plan (the "CMP") should be clearly mapped to, and designed to assess compliance with, all the legal and regulatory requirements regarding BOC, which includes identifying obligations arising under the Money Laundering (Jersey) Order 2008, the anti-money laundering/countering the