David Oliver Senior Manager Compliance
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1 Jersey Financial Services Commission David Oliver Senior Manager Compliance
2 Jersey Financial Services Commission Common Compliance Difficulties (2) leading to increased operational risk
3 Know your customer ( KYC ) The Law Proceeds of Crime (Jersey) Law 1999 Money Laundering (Jersey) Order 1999 Others include:- Criminal Justice (International Co- Operation) (Jersey) Law 2001, The Terrorism (United Nations Measures)(Channel Islands) Order 2002
4 The Guidance Notes Anti-money laundering guidance notes for the finance sector Overriding Principles for a revised KYC framework Anti-money laundering guidance updates
5 Codes of Practice 3. A registered person must organise and control its affairs effectively for the proper performance of its business activities and be able to demonstrate the existence of adequate risk management systems.
6 Codes of Practice - cont A registered person must comply with the Proceeds of Crime (Jersey) Law 1999, the Money Laundering (Jersey) Order 1999 and follow standards set out in the Anti Money Laundering Guidance Notes for the Finance Sector issued by the Commission
7 Legal requirements within Money Laundering (Jersey) Order 1999 Identification procedures Record keeping procedures (5 years) Internal reporting procedures
8 Legal requirements cont Educational and training programme Recognition of suspicious transactions and reporting procedures Appointment of an MLRO
9 New Business take on KYC ID verification References Independent verification of address e.g. utility bill Provenance of Funds
10 KYC = ID + ongoing monitoring
11 You must understand why the structure is being set up and what the usual transaction pattern will be
12 Without understanding the usual, you cannot identify the unusual
13 New Business take on additional thoughts Reasons why establishing account - is there a tax opinion?
14 New Business take on additional thoughts Activity assessment Profile of expected turnover or activity over account Existence of unusual transactions e.g. large, unexpected, using institutions in secret jurisdictions
15 New Business take on additional thoughts Risk assessment of client & client s business - country assessment - Internet checks (e.g. - Profile of individual in that country e.g. PEPs (see JFSC website Anti-Money Laundering/Updates/Anti-Money Laundering Guidance Update/Issue 3)
16 Ongoing KYC KYC - continued Transaction monitoring (activity, level of funds, frequency of funds) Review of business
17 Ongoing KYC continued How does the client communicate? (Directly or through intermediaries?) Is the system secure? If transactions are large, are the signatories sufficiently knowledgeable of the business to sign off?
18 KYC when business is exiting Reason behind exiting Duration of relationship Did the account meet its objective? If a structure, is it being wound up or going to another service provider?
19 KYC when business is exiting continued Where are the assets going? Does a tax liability arise?
20 Real Problems Case 1 operational risk arising from inadequate internal KYC systems and controls Case 2 operational risk arising from a dominant managing director overriding internal systems & controls
21 Other Current KYC Issues Clients of Managed Trust Companies Due diligence on introducers
22 Jersey Financial Services Commission David Oliver Senior Manager Compliance
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