Frequently asked questions: Phase 1 of Risk-Based Supervision Data collection
|
|
- Martina Palmer
- 5 years ago
- Views:
Transcription
1 Frequently asked questions: Phase 1 of Risk-Based Supervision Data collection Issued: 14 March 2018 Last updated: 14 March 2018
2 Q1. What is the purpose of the Phase 1 Risk-Based Supervision Data collection exercise? Data collected will be used by the Jersey Financial Services Commission (JFSC) as part of its identification and assessment of money laundering (ML) and terrorist financing (TF) risks. This data collection and analysis is undertaken in accordance with the JFSC s statutory objectives and to support its risk-based approach to supervision. Data collected will assist the JFSC in forming a view of ML/TF risks within: regulated persons (see FAQ Q2.) or persons carrying on a Specified Schedule 2 Business (see FAQ Q2) collectively referred to as Reporting Entities; (ii) Industry sectors; and (iii) the Industry as a whole. Data will also be used, in aggregated form, to assess the inherent vulnerabilities of products and services in the Island s national ML and TF risk assessment (referred to as the NRA). The NRA process will in turn inform Island policy decision-making and identify any necessary remedial action such as legislative amendments or resource allocation. All of the data collected will assist the JFSC identify the potential impact should it apply the most major sanction to a Reporting Entity, e.g. registration revocation. Q2. Who is a Reporting Entity? The Supervisory Risk Data Collection is designed to collect data from: legal persons established under Jersey law; (ii) legal persons established outside Jersey who operate here through branches 1 ; and (iii) natural persons or partnerships (that are not legal persons). 1 A branch is a location from which services are provided to customers. Data should be provided by a Reporting Entity. A Reporting Entity 2 is either: a regulated person (as described below); or (ii) a person carrying on a Specified Schedule 2 Business that is registered (excluding a deemed registration) under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 (Supervisory Bodies Law) (these persons have a JFSC registration number which starts SCH). For the avoidance of doubt this includes, but is not limited to: Lawyers Accountants Estate agents Casinos Lenders 2 Note: a natural person that meets the criteria of either or (ii) is a Reporting Entity and must complete the Phase 1 questionnaire. Last updated: 14 March 2018 Page 2 of 9
3 The following regulated persons are required to complete the questionnaire: Financial Services (Jersey) Law 1998 (Financial Services Law) A person who is registered to carry on trust company business (TCB), except a participating member of any TCB affiliation. (ii) A person who is registered to carry on TCB which is a managed entity under Class N of the Schedule to the Financial Services (Financial Service Business) (Jersey) Order 2009 (Financial Service Business Order) (a managed trust company). (iii) A person who is registered to carry on fund services business or AIF services business, except: a participating member of any TCB affiliation; and a person who is managed by a person carrying on fund services business under Class ZK of the Financial Service Business Order (FSB Managed Entity). (iv) A person who is registered to carry on investment business, except a participating member of any TCB affiliation. (v) A person who is registered to carry on money service business (MSB), except a participating member of any TCB affiliation. Banking Business (Jersey) Law 1991 (Banking Business Law) (vi) A person who is registered to carry on deposit-taking business. Collective Investment Funds (Jersey) Law 1988 (Funds Law) (vii) A person who holds a permit as a functionary to a Recognized Fund. Q3. Who is not a Reporting Entity for the purpose of Phase 1 data collection? Any person holding a registration which meets one of the criteria below is not a Reporting Entity for the purpose of Phase 1 data collection: An FSB Managed Entity (defined in FAQ Q2.). Note, it is planned to collect data similar to that requested in the Phase 1 questionnaire from FSB Managed Entities in Q (ii) Any person who is only registered under the Financial Services Law to carry on general insurance mediation business. (iii) Any person registered to carry on TCB that is a participating member of an affiliation. See also Q13. (iv) Any person issued with a permit under the Insurance Business (Jersey) Law Data will be collected separately from these persons either through a separate questionnaire later in 2018 (footprint/organisational data) or through bilateral discussions between the JFSC and the permit holders (AML/CFT compliance related data and customer data). (v) Public funds - any scheme or arrangement defined as a collective investment fund in Article 3 of the Funds Law and unregulated funds. It is planned to collect data in respect of public funds in Q (vi) Private funds - any scheme or arrangement falling within the definition of collective investment fund in Article 3 of the Funds Law, except that the offer of units in the scheme or arrangement is not an offer to the public within the meaning of that Article. It is planned to collect data in respect of private funds in Q Last updated: 14 March 2018 Page 3 of 9
4 Persons who have notified the JFSC that they are carrying on financial services business and are relying on a registration exemption are not Reporting Entities and are not required to provide data as part of the Phase 1 Risk-Based Supervision Data collection exercise. Note: the JFSC will gather data from these persons through bilateral discussions Any person carrying on MSB with an annual turnover from their MSB business which is less than 300,000 per year. (ii) Any person carrying on TCB who is a recognized experienced personal adviser, when continuing to provide a relevant personal service that the adviser was providing immediately before the commencement of the Financial Services (Trust Company Business (Exemptions No. 2)) (Jersey) Order (iii) Any person carrying on the business of being a virtual currency exchange (VCE) with an annual turnover from their VCE business of less than 150,000 per year. Q4. What data is being collected in Phase 1? Data to be collected in Phase 1 relates to: the organisation and size of each Reporting Entity (section A) (see also Q11); (ii) elements of the Reporting Entity s AML/CFT compliance data (section B); and (iii) its application of sanctions legislation (section C). The data collected in Phase 1 should not be split by registration held. Each Reporting Entity should respond to the questionnaire just once, unless there is a need to update submitted data. The JFSC will be collecting further data in Q3 2018, which will be at a more granular level in relation to regulated activities, e.g.: deposit-taking (including lending linked to deposits); (ii) the provision of services to funds; (iii) trust company business (excluding provision of services to funds); (iv) investment business; (v) money service business; (vi) lending (outside deposit-taking); (vii) legal services; (viii) accountancy services; (ix) estate agency services; and (x) casino activities. Q5. How do I need to submit my data to the JFSC? The JFSC will be collecting data through questions presented in an Excel workbook which, once completed, will be submitted to the JFSC by uploading the Excel workbook using the JFSC portal. Q6. What should I do if I cannot provide the data in line with the guidance document? The JFSC acknowledges that this is the first time it has undertaken such a major data gathering exercise, and there are a number of different ways in which a Reporting Entity can comply with its statutory and regulatory obligations. The JFSC has identified some data items which it understands may be particularly problematic to complete in line with the guidance document. Consequently, the Excel workbook contains a sheet E- Comments which provides Reporting Entities with an opportunity to explain how they have completed the following questions: Last updated: 14 March 2018 Page 4 of 9
5 A9 Number of COBO Only funds that are likely to terminate by 31 December 2020 A21 A22 A23(a) A23(b) Number of PPFs that are likely to terminate by 31 December 2020 Number of VPFs that are likely to terminate by 31 December 2020 Total number of customers as at the reporting date or during the year ended on the reporting date Total number of unique beneficial owners and controllers of customers Number of unique PEPs by country, who are customers or beneficial owners and controllers of customers, where property of the PEP is handled in the business relationship or one-off transaction Number of unique PEPs by country, who are customers or beneficial owners and controllers of customers, where no property of the PEP is handled in the business relationship or one-off transaction Should a Reporting Entity identify difficulty in providing a data item in line with the guidance which is not covered in above, please contact your Supervision Manager or respective sector Supervision Team by as soon as possible, providing an explanation of why the data cannot be submitted in line with the guidance document provided. To be clear, failure to respond to an applicable question will not be acceptable, and, instead the JFSC will accept responses derived by extrapolating data or estimates supported by specific criteria. Dependent on the reasons provided, the JFSC may contact you to discuss your response further. In certain cases, the JFSC may take the view that the inability to supply a specific data item in line with the guidance document, taking into account any reasons provided, may amount to a regulatory breach. In this situation, the issue will be taken up as part of our ongoing supervision activities. Q7. What should I do if I will not be able to meet the deadline for Phase 1 data submission? For Phase 1 the data collection period ends on 25 April Should you have any concerns in meeting this date, please contact your Supervision Manager or Supervision Team by as soon as possible, providing an explanation of why your submission cannot be made by 25 April Q8. I have a problem using myjfsc; who do I contact for assistance? Please myjfsc@jerseyfsc.org for any issues relating to the use of myjfsc, including: I have not used myjfsc before so how do I register for access? (ii) I have registered for access but am having difficulty logging in (iii) How do I get my password reset? (iv) The person who has access has left my organisation, how do I register a new person with the JFSC? Last updated: 14 March 2018 Page 5 of 9
6 Q9. Where can I get assistance with completing the Phase 1 Supervisory Risk Data questions? All queries regarding completion of the Phase 1 Risk-Based Supervision Data questions that cannot be answered by reading the guidance document (click here to access) or these FAQs should be ed to your Supervision Manager or respective sector Supervision Team. Q10. I am in the process of ceasing to carry on a regulated activity, do I still need to complete the Phase 1 Risk-Based Supervision Data collection exercise? A Reporting Entity that is in the process of surrendering its registration (however described) must complete the Phase 1 questionnaire if it will still be registered with the JFSC at the end of the data collection period (distinct from data reporting period). For Phase 1 the data collection period ends on 25 April Q11. What is footprint data? Section A collects data about the Reporting Entity as a whole, including: its regulated activities; (ii) the extent to which it carries on its business, and is supervised from, outside the Island; (iii) the number of employees; (iv) its total income; (v) total number of customers, beneficial owners and controllers; and (vi) PEPs. All of the above data will assist the JFSC identify the potential impact should it apply the most major sanction to a Reporting Entity, e.g. registration revocation. For this reason when aggregated data is provided care should be taken to avoid duplication of data. For example in a case where the same customer is served: directly by a Reporting Entity that carries on fund services business or trust company business; and (ii) by an entity that is managed by the Reporting Entity (e.g. FSB Managed Entity), that customer (and data in respect of that customer) should be reported once only. Q12. How do I treat outsourced activities? Consistent with the JFSC s policy on outsourcing, when any aspect of a service provided by a Reporting Entity is outsourced to a third party, data must be provided in response to the Phase 1 Risk-Based Supervision Data questions about that outsourced activity. Last updated: 14 March 2018 Page 6 of 9
7 Q13. I am an Affiliation Leader; do I have to report information for my participating members? Yes, where a TCB is an affiliation leader 3, responses to the Phase 1 questions should cover all members of that affiliation (participating members) including any that may be separately registered by the JFSC, e.g. to carry on fund services business. The effect of this is to require a TCB that is an affiliation leader to present data requested for itself and every participating member as if it is a single Reporting Entity (except where indicated otherwise). The concept of an affiliation responds to the need for a licensing process that captures the activities of a business principal trading entity (affiliation leader) along with those of its creature companies (affiliates), e.g. those acting as corporate directors, nominee companies, corporate secretary etc. There is no similar concept for other regulated persons. Care should be taken to avoid duplication of data reported for affiliations. For example, in a case where the same customer is served by the affiliation leader and participating member, that customer (and data in respect of that customer) should be reported once only. 3 An affiliation is a group of persons carrying on trust company business, the members of which (participating members) have agreed that one member will be the affiliation leader. Q14. Why does the JFSC want to know the average number of working days it takes the MLRO to process an internal suspicious activity report (SAR)? As a result of the AML/CFT Handbooks published by the JFSC for example, section of the AML/CFT Handbook for Regulated Business (AML/CFT Regulated Businesses Handbook), the majority of Reporting Entities must keep registers of internal and external SARs. The registers must be maintained in line with procedures required under sections and of the AML/CFT Regulated Businesses Handbook. These registers must contain specific data including the date an internal SAR is made, the decision of the MLRO (or deputy MLRO) to make or not to make an external SAR, and if an external SAR is made the date of that external SAR. The length of time it takes to process an internal SAR can be influenced by a number of factors including the: complexity of the Reporting Entity s business model; (ii) quality of the internal reports received; and (iii) complexity of the information or matter giving rise to knowledge, suspicion or reasonable grounds which has resulted in the internal SAR. Additionally, by collecting the average number of working days it takes an MLRO to process an internal SAR the JFSC will be able to consider risks associated with the timeliness of reporting, and may help to highlight a complex operating model, insufficient resourcing or competency issues. It is important to note that there is no right number of average days. Last updated: 14 March 2018 Page 7 of 9
8 Q15. Why does the JFSC want to know about systems used for screening customers? The JFSC is seeking to better understand the use of automated versus manual systems for screening. Data collected will allow the JFSC to consider whether there is a correlation between the system used and the regulated activities of the Reporting Entity. For example, it may be difficult for a Reporting Entity to demonstrate that it effectively manages its ML/TF risk if it uses a manual system to screen a large number of transactions with higher risk customers. Q16. Why is the financial sanctions data restricted? Section C is only designed to capture data in respect of financial sanctions. It is not seeking to collect sanctions data about customers that have a connection to a country where the sanction, is in respect of: prohibition on technical assistance, training and other assistance relating to military activities; (ii) trade embargos; (iii) import and export bans or restrictions; (iv) a ban on the provision of services; (v) a ban on certain investments; and (vi) restrictions on establishing branches and subsidiaries. Despite data on other sanctions not being collected, a Reporting Entity may consider customers with such connections to present a higher risk. Q17. Why do I have to provide an estimate of income from regulated/specified Schedule 2 business activity? Some businesses carry on other activity as well as a regulated/specified Schedule 2 Business activity, e.g. provision of mortgage advice. Question A17(a) collects information in respect of the Reporting Entity s total income from all activities, this will provide the JFSC with an indication of the total income generated by the Reporting Entity but not necessarily the value of its regulated /Specified Schedule 2 Business activity. Providing details of a Reporting Entity s income that arises solely from its regulated/specified Schedule 2 Business activity will allow the JFSC to understand the extent to which a Reporting Entity carries on activities that are not subject to regulation and supervision for AML/CFT purposes. Last updated: 14 March 2018 Page 8 of 9
9 Q18. The guidance to question A19 refers to second line of defence, what does this mean? The Three Lines of Defence model 4 distinguishes among three groups (or lines) involved in effective risk management: Functions that own and manage risks (ii) Functions that oversee risks (iii) Functions that provide independent assurance. The second line of defence should be understood to refer to individuals with functions that oversee, or who specialise in, compliance or the management of risk, including a Reporting Entity s money laundering reporting officer (MLRO). This second line of defence: provides the policies, frameworks, tools, techniques and support to enable risk and compliance to be managed in the first line (functions that own and manage risk); (ii) conducts monitoring to judge how effectively they are doing it; and (iii) helps ensure consistency of definitions and measurement of risk. 4 See: %20Risk%20Management%20and%20Control.pdf Q19. Why do I need to submit an estimate of the number of legacy Private Funds that are likely to terminate by 31 December 2020? This will help to identify the number of legacy funds that may present a ML/TF risk in the short to medium term and assist in determining the extent to which it is necessary to collect data on such funds in a subsequent questionnaire. Q20. Why do you want to know about the business of my parent organisations? This data is requested in order to consider what the ML/TF risk appetite of the shareholder may be. For example, the risk appetite of a parent that is large bank may be different to that of a parent entity that is a private equity fund. Q21. Why do I have to report my employee number split in a number of ways? Questions A18 and A19 collect data on employees of the Reporting Entity split by those who spend: half or more of their average working week in Jersey; and (ii) less than half in Jersey. This split will allow the JFSC to understand the extent to which a Reporting Entity is dependent upon human resources that are outside Jersey. Last updated: 14 March 2018 Page 9 of 9
Guidance for completing Phase 1 of risk based supervision data
Guidance for completing Phase 1 of risk based supervision data Issued: 14 March 2018 Table of Contents 1 Introduction... 4 1.1 Background... 4 1.2 Scope... 4 Financial Services (Jersey) Law 1998 (Financial
More informationGuide to Phase 1 of risk based supervision data for Sole Traders:
Guide to Phase 1 of risk based supervision data for Sole Traders: Sole Traders are natural persons carrying on: A single class of Trust Company Business; or Specified Schedule 2 Business. 1 Introduction
More informationGuide to Phase II of risk based supervision data: Fund Services Business
Guide to Phase II of risk based supervision data: Fund Services Business Issued: 17 September 2018 Table of Contents 1 General guidance... 4 Scope... 4 Excel workbook... 5 Fund clients... 5 Data reporting
More informationGuide to Section II of risk based supervision data: Deposit-takers
Guide to Section II of risk based supervision data: Deposit-takers Issued: 14 January 2019 Table of Contents 1 General guidance... 4 1.1 Overview... 4 1.2 Scope... 4 1.3 Excel workbook... 5 1.4 Customers...
More informationGuide to Section II of risk based supervision data: Investment business
Guide to Section II of risk based supervision data: Investment business Issued: 14 January 2019 Guide to Phase II of risk based supervision data: Investment business Table of Contents 1 General guidance...
More informationFinancial Crime Risk Return
Financial Crime Risk Return A Guide for Firms Contents Using this Guide... 1 Introduction... 2 Purpose... 2 Notes for Completion... 3 The FCR Return Start Page... 4 The FCR Return Reporting Suspicion...
More informationGuidance for the AML/CFT Statistical return Year ended 31 December 2016
for the AML/CFT Statistical return Year ended 31 December 2016 Introduction to CASCADE Over the course of the last 18 months the Authority has been working towards defining and developing a single supervisory
More informationCommuniqué 3 25 October 2018
Communiqué 3 25 October 2018 National Risk Assessment of Money Laundering and Terrorist Financing 1 Overview In October 2017, Jersey s Financial Crime Strategy Group issued a statement concerning the Island
More informationJCOA 2017 Regulatory Update
JCOA 2017 Regulatory Update JCOA 2017 Regulatory update Anita Matthews Head of Unit, TCB/DNFBP Introduction Principal persons and the PQ Process Key Persons roles and responsibilities Virtual Currency
More informationFinancial Crime Governance, Risk and Compliance Fund Managers & Fund Administrators. Thematic Review 2017
Financial Crime Governance, Risk and Compliance Fund Managers & Fund Administrators Thematic Review 2017 Foreword During late 2016 a thematic review of fund managers and fund administrators governance,
More informationTRUST COMPANY BUSINESS
TRUST COMPANY BUSINESS ON-SITE EXAMINATION PROGRAMME 2011 SUMMARY FINDINGS DOCUMENT OVERVIEW 1 Introduction... 2 2 Scope... 2 3 Process... 3 4 Overview... 3 5 Findings Arising From Examinations... 5 Corporate
More informationTRUST COMPANY BUSINESS
TRUST COMPANY BUSINESS ON-SITE EXAMINATION PROGRAMME 2013 SUMMARY FINDINGS DOCUMENT OVERVIEW 1 Introduction... 2 2 Scope... 2 3 Process... 3 4 Overview... 3 Enforcement action and Heightened Supervision...
More informationRegulatory Update May 2017
Regulatory Update May 2017 Agenda Welcome Mike Jones, Director of Policy Outsourcing Policy and Funds Section of the AML/CFT Handbook Kate Berry, Senior Adviser Funds Regime Review Caroline McGrath, Senior
More informationSimplified Due Diligence. Legislative changes. Hamish Armstrong Financial crime policy. Legislative changes (1) 26/11/2014. Legislative changes
Simplified Due Diligence Hamish Armstrong Financial crime policy 1 Legislative changes 2 Legislative changes (1) Legislative changes Money Laundering (Amendment No. 6) (Jersey) Order 2013 ( MLO Amendment
More informationTrust Company Business Examination Feedback 2015
Trust Company Business Examination Feedback 2015 Contents Contents... 2 Introduction... 3 Scope... 3 Outcome... 3 Findings... 4 AML/CFT Findings... 4 AML/CFT related Governance... 4 Enhanced Customer Due
More information9. SCREENING, AWARENESS AND TRAINING OF EMPLOYEES
AML/CFT Handbook for the Accountancy Sector 9. SCREENING, AWARENESS AND TRAINING OF EMPLOYEES 9.1 OF THE SECTION 1. One of the most important controls over the prevention and detection of money laundering
More informationFATF Mutual Evaluation of Ireland 2017
FATF Mutual Evaluation of Ireland 2017 Introduction Background The Financial Action Task Force ( FATF ) was established in 1989 with a high level objective that: Financial systems and the broader economy
More informationThe Wolfsberg Correspondent Banking Due Diligence Questionnaire (CBDDQ) Completion Guidance 22 February 2018
The Wolfsberg Correspondent Banking Due Diligence Questionnaire (CBDDQ) Completion Guidance 22 February 2018 1 Overview In response to both an increase in regulatory expectations as well as a call for
More informationAppendix A Anti-Money Laundering and Countering the Financing of Terrorism Code
Anti-Money Laundering and Countering the Financing of Terrorism Code 2015 1 ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM CODE 2015 Index Paragraph Page PART 1 INTRODUCTORY 3 1 Title...
More informationOVERVIEW OF THE QFC AML REGIME
OVERVIEW OF THE QFC AML REGIME Prasanna Haran, Director Supervision Vanessa Read, Acting Head AML Supervision Christiane Chidiac, Manager AML Supervision AGENDA Objectives of the AML industry seminars
More informationAUSTRAC Guidance Note. Risk management and AML/CTF programs
AUSTRAC Guidance Note Risk management and AML/CTF programs AUSTRAC Guidance Note Risk management and AML/CTF programs Anti-Money Laundering and Counter-Terrorism Financing Act 2006 Contents Page 1. Introduction
More informationPreventing Money Laundering and Financing of Terrorism
Preventing Money Laundering and Financing of Terrorism Summary report March 2018 Contents Introduction... 3 Headline summary... 3 Summary of findings by area... 4 Governance.... 4 Risk based approach...
More informationThe Handbook on Countering Financial Crime & Terrorist Financing
The Handbook on Countering Financial Crime & Terrorist Financing Financial Crime Division Fiona Crocker Paul Robinson 28 November 2018 Format Schedule 3 Requirements - Blue Boxes Commission Rules - Red
More informationSOUND BUSINESS PRACTICE POLICY DOCUMENT OVERVIEW
SOUND BUSINESS PRACTICE POLICY DOCUMENT OVERVIEW 1 Relevant Legislation... 2 2 Background... 2 3 Scope of Application... 3 4 The Policy... 3 Table 1 Registered, Authorised, and/or Supervised activities...
More informationRELIANCE ON THIRD PARTIES
Jefferson JL CLARKE Law Enforcement Advisor CFATF Secretariat May 8, 2015 1. Recommendation 17 2. Regulated, Supervised and Monitored 3. Reliance vs Outsourcing BASIS FOR RELIANCE Financial institutions
More informationFinancial Crime Supervision of the Fund Sector
Financial Crime Supervision of the Fund Sector Financial Crime Division Nick Herquin Paul Robinson Key Topics What is the FATF and Moneyval? How have international standards and mutual evaluations influenced
More informationAML/CFT Car Dealer Sector Supervision
AML/CFT SUPERVISION CAR DEALERS AML/CFT Car Dealer Sector Supervision Gracienne Vasquez - Central Bank Aruba 1 CONTENT I. Car Dealer Sector II. Car Dealers Compliance III. Customer Due Diligence IV. Enhanced
More informationFeedback on Consultation Paper No
Feedback on Consultation Paper No. 10 2017 Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008: Fees for registered persons Issued: December 2017 Consultation Feedback Consultation Feedback This paper
More informationAMENDMENTS TO THE MONEY LAUNDERING (JERSEY) ORDER 2008
POSITION PAPER NO. 1 2008 AMENDMENTS TO THE MONEY LAUNDERING (JERSEY) ORDER 2008 Money Laundering (Amendment No. 2) (Jersey) Order 200- ISSUED OCTOBER 2008 POSITION PAPER If you require any assistance
More informationBERMUDA INSURANCE (PRUDENTIAL STANDARDS) (INSURANCE MANAGERS ANNUAL RETURN) AMENDMENT RULES 2018 BR 4 / 2018
BERMUDA INSURANCE (PRUDENTIAL STANDARDS) (INSURANCE MANAGERS ANNUAL RETURN) AMENDMENT RULES 2018 BR 4 / 2018 TABLE OF CONTENTS 1 Citation 2 Interpretation 3 Annual return 4 Declaration SCHEDULES Matters
More informationGuide to Section II of risk based supervision data:
Guide to Section II of risk based supervision data: Trust Company Businesses with respect to Regulated Non-Profit Organizations and Private Trust Companies Issued: 14 January 2019 Table of Contents 1 General
More informationThe Handbook is in final draft form as the legislation is awaiting approval by the States of Guernsey next month [December 2018].
Key points made by Fiona Crocker, Director of the Financial Crime Division at presentations on 28 November 2018 on the draft revised Handbook on Countering Financial Crime and Terrorist Financing. These
More informationContents. Jersey Financial Services Commission. Refresher Series Reliance. Andrew Le Brun Hamish Armstrong Financial Crime Policy 16/11/2015.
Jersey Financial Services Commission Refresher Series Reliance Andrew Le Brun Hamish Armstrong Financial Crime Policy Contents Purpose Reliance - what is it / overview Article 16 Obliged person Identification
More information1. ENTITY & OWNERSHIP 1 Full Legal Name
Financial Institution Name: Location (Country) : The questionnaire is required to be answered on a Legal Entity (LE) Level. This means the Financial Institution will answer the questionnaire at an ultimate
More information1. ENTITY & OWNERSHIP 1 Full Legal Name
Financial Institution Name: Location (Country) : No # Question Answer 1. ENTITY & OWNERSHIP 1 Full Legal Name 2 Append a list of branches which are covered by this questionnaire 3 Full Legal (Registered)
More informationFAIS Newsletter. Inside this issue: From the FIC Desk: The journey to FICA compliance. Introduction
FAIS Newsletter Financial Services Board 04/12/2017 Volume 25 From the FIC Desk: The journey to FICA compliance Introduction The theme of this Newsletter is compliance with the Financial Intelligence Centre
More informationProceeds of Crime (Supervisory Bodies) (Jersey) Law 2008: Fees for registered persons
Consultation Paper No. 10 2017 Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008: Fees for registered persons A consultation on proposals regarding fee rates and associated issues. Issued: October
More informationJersey Financial Services Commission
Jersey Financial Services Commission JSCCA CDP Conference Regulatory Update David Porter Andrew Le Brun Hamish Armstrong Introduction Overview Regulation and supervision of securities AIFMD - passport
More informationPOSITION PAPER NO IMPLEMENTATION OF THE HANDBOOK FOR THE PREVENTION AND DETECTION OF MONEY LAUNDERING AND THE FINANCING OF TERRORISM
POSITION PAPER NO. 3 2007 IMPLEMENTATION OF THE HANDBOOK FOR THE PREVENTION AND DETECTION OF MONEY LAUNDERING AND THE FINANCING OF TERRORISM Policy response on key issues arising from Consultation Paper
More informationTABLE OF CONTENTS. Compliance Manual Version: 4.9 Author: [Your Company Name] Updated: 14/10/2017
TABLE OF CONTENTS 1 Introduction... 10 1.1 Purpose & Scope of the Manual... 10 1.2 Responsibility for the Manual... 11 2 Regulatory Framework... 12 2.1 Introduction to the FCA... 12 2.2 Financial Services
More informationAssessment of money laundering and terrorist financing risks in the Principality of Liechtenstein
Assessment of money laundering and terrorist financing risks in the Principality of Liechtenstein National Risk Assessment (NRA) Summary (for publication) July 2018 The first step in the risk management
More informationAnti-Money Laundering Policy June 2017
Anti-Money Laundering Policy June 2017 1 1. Introduction The Bank has a legal, moral and social responsibility to its customers to deter and detect those who would seek to use United Bank UK (UBL UK) to
More informationTABLE OF CONTENTS. Compliance Manual Version: 4.9 Author: [Your Company Name] Updated: 28/10/2017
TABLE OF CONTENTS 1 Introduction... 10 1.1 Purpose & Scope of the Manual... 10 1.2 Responsibility for the Manual... 11 2 Regulatory Framework... 12 2.1 Introduction to the FCA... 12 2.2 Financial Services
More informationJFSC Risk Overview: Our approach to risk-based supervision
JFSC Risk Overview: Our approach to risk-based supervision Contents An Overview of our approach to riskbased supervision An Overview of our approach to risk-based supervision Risks to what? Why publish
More informationR.S.A. c. P98 Anti-Money Laundering and Terrorist Financing Code R.R.A. P98-5. Revised Regulations of Anguilla: P98-5
R.S.A. c. P98 Anti-Money Laundering and Terrorist Financing Code R.R.A. P98-5 Revised Regulations of Anguilla: P98-5 PROCEEDS OF CRIME ACT, R.S.A. c. P98 ANTI-MONEY LAUNDERING AND TERRORIST FINANCING CODE
More informationJersey Private Fund Guide
The purpose of this Guide is to set out the eligibility criteria for a Jersey Private Fund (JPF) which requires a consent to be issued pursuant to the Control of Borrowing (Jersey) Order 1958 (COBO). A
More informationConsultation Paper No Amendments to Codes of Practice
Consultation Paper No. 6 2017 Amendments to Codes of Practice A consultation on maintenance amendments to Codes of Practice, and other amendments to address regulatory concerns and to ensure Jersey s compliance
More informationMid-year review: risk-based regulation in action
Mid-year review: risk-based regulation in action Agenda Welcome and mid-year review John Harris, Director General Keynote JFSC risk appetite Lord Eatwell, Chairman JFSC risk data Darren Boschat Head of
More information1. ENTITY & OWNERSHIP 1 Full Legal Name Sparkasse Ulm
Financial Institution Name: Location (Country) : Sparkasse Ulm Hans-und-Sophie-Scholl-Platz 2, 89073 Ulm, Germany # Question Answer 1. ENTITY & OWNERSHIP 1 Full Legal Name Sparkasse Ulm 2 Append a list
More informationINSURANCE ACT 1986 INSURANCE (ANTI-MONEY LAUNDERING) REGULATIONS 2008
Statutory Document No. 144/08 INSURANCE ACT 1986 INSURANCE (ANTI-MONEY LAUNDERING) REGULATIONS 2008 Laid before Tynwald 15 th July 2008 Coming into operation 1 st September 2008 In exercise of the powers
More informationTHE GAZETTE PUBLISHED BY AUTHORITY
THE LIBERIA OFFICIAL GAZETTE PUBLISHED BY AUTHORITY VOL.XII Monday, July 29, 2013 NO.48 E X T R A O R D I N A R Y The Government of the Republic of Liberia announces that the Central Bank of Liberia (CBL),
More informationTRUST COMPANY BUSINESS
TRUST COMPANY BUSINESS ON-SITE EXAMINATION PROGRAMME 2008 SUMMARY FINDINGS DOCUMENT OVERVIEW 1 Introduction... 1 2 Scope... 2 3 Process... 2 4 Overview... 2 5 Findings... 3 General Corporate Governance...3
More informationSTATEMENT OF ANTI-MONEY LAUNDERING (AML) AND COMBATING THE FINANCING OF TERRORISM (CFT) POLICIES AND PRINCIPLES
STATEMENT OF ANTI-MONEY LAUNDERING (AML) AND COMBATING THE FINANCING OF TERRORISM (CFT) POLICIES AND PRINCIPLES Scope AstroBank Limited (the Bank ) has established and implemented appropriate policies
More informationDFSA Annual Supervision Outreach Breakout Group # 3 Financial Crime Risks. 25 June 2018
DFSA Annual Supervision Outreach Breakout Group # 3 Financial Crime Risks 25 June 2018 Breakout Group 3 - Agenda Opening Comments - Lawrence Paramasivam Director, Supervision General updates from the Financial
More informationTHE GAZETTE PUBLISHED BY AUTHORITY
THE LIBERIA OFFICIAL GAZETTE PUBLISHED BY AUTHORITY VOL. XVI. Friday, May 10, 2017 NO.25 E X T R A O R D I N A R Y The Government of the Republic of Liberia announces that the Central Bank of Liberia (CBL),
More informationDavid Oliver Senior Manager Compliance
Jersey Financial Services Commission David Oliver Senior Manager Compliance Jersey Financial Services Commission Common Compliance Difficulties (2) leading to increased operational risk Know your customer
More informationANTI-MONEY LAUNDERING/ COUNTERING THE FINANCING OF TERRORISM STRATEGY GROUP FEEDBACK ON CONSULTATION PAPER NO
ANTI-MONEY LAUNDERING/ COUNTERING THE FINANCING OF TERRORISM STRATEGY GROUP FEEDBACK ON CONSULTATION PAPER NO. 1 2007 REVISION TO THE DEFINITION OF FINANCIAL SERVICES BUSINESS Proposed revisions to Schedule
More informationFinancial Crime update. 12 September 2017
Financial Crime update 12 September 2017 1 GFSC Intro MONEYVAL overview by the National Coordinator Representative Update since March What s next Questions/Comments 22 September 2017 2 FSC Industry Outreach
More informationBermuda Anti- Money Laundering / Anti-Terrorist Financing
Bermuda Anti- Money Laundering / Anti-Terrorist Financing Frequently Asked Questions (FAQs) August 31, 2017 kpmg.bm Introduction On May 2, 2017, KPMG hosted a Question & Answer Panel Session on Anti-Money
More information1. ENTITY & OWNERSHIP 1 Full Legal name
Financial Institution Name: Location (Country) : JPMorgan Chase & Co. Global No # Question Answer 1. ENTITY & OWNERSHIP 1 Full Legal name 2 Append a list of branches which are covered by this questionnaire
More informationHANDBOOK FOR FINANCIAL SERVICES BUSINESSES ON COUNTERING FINANCIAL CRIME AND TERRORIST FINANCING
HANDBOOK FOR FINANCIAL SERVICES BUSINESSES ON COUNTERING FINANCIAL CRIME AND TERRORIST FINANCING 18 September 2007 CONTENTS Part 1 Chapter Page Part 2 Part 3 1. Introduction 4. 2. Corporate Governance
More informationMoney Laundering and Terrorist Financing Risks in the E-Money Sector
Money Laundering and Terrorist Financing Risks in the E-Money Sector Thematic Review TR18/3 October 2018 TR18/3 Contents 1 Introduction 3 2 Overview 5 3 Findings 7 Annex 1 Glossary 16 How to navigate this
More informationGuidance - Completing the Companies Registry s Confirmation Statement Form (C17S)
- Completing the Companies Registry s Confirmation Statement Form (C17S) Issued: May 2017 Version 2 issued: June 2017 Contents Contents 1 Introduction... 3 2 The C17S Form the Statement... 4 3 How to Use
More informationAustria. Follow-up report. Anti-money laundering and counter-terrorist financing measures
Anti-money laundering and counter-terrorist financing measures Austria 1st Enhanced Follow-up Report & Technical Compliance Re-Rating Follow-up report December 2017 The Financial Action Task Force (FATF)
More informationCONSULTATION PAPER NO PROPOSED AMENDMENTS TO CODES OF PRACTICE
CONSULTATION PAPER NO. 4 2011 PROPOSED AMENDMENTS TO CODES OF PRACTICE Proposals to amend the Codes of Practice to: provide clarification on the scope and basis on which the Codes are issued; align regulatory
More informationThis document has been provided by the International Center for Not-for-Profit Law (ICNL).
This document has been provided by the International Center for Not-for-Profit Law (ICNL). ICNL is the leading source for information on the legal environment for civil society and public participation.
More informationBeneficial Ownership and Control
Beneficial Ownership and Control FAQs for Trust Company Service Providers (TCSPs) The Changes The Companies Registry at the Jersey Financial Services Commission (JFSC) is making changes to the way the
More informationOur Compliance Outsourcing Solutions
Our Compliance Outsourcing Solutions harneys.com The Compliance Challenge As a global offshore financial centre, the regulatory, AEOI reporting and compliance environment in the Cayman Islands is ever
More informationAML / KYC Questionnaire
I. General information about the Institution Full Legal Institution Name Trading name(s) used (if different from the above): Full address of the registered office AML / KYC Questionnaire Website address:
More informationTRUST COMPANY BUSINESS
TRUST COMPANY BUSINESS ON-SITE EXAMINATION PROGRAMME 2009 SUMMARY FINDINGS DOCUMENT OVERVIEW 1 Introduction... 1 2 Scope... 2 3 Process... 2 4 Overview... 2 5 Findings arising from AML corporate governance
More informationSTEP CERTIFICATE IN ANTI-MONEY LAUNDERING. Syllabus
STEP CERTIFICATE IN ANTI-MONEY LAUNDERING Syllabus In collaboration with Delivered by INTRODUCTION This document contains the detailed syllabus for the. This syllabus should be read in conjunction with
More informationTABLE OF CONTENTS. Compliance Manual Version 4.8 Author: Updated: 28/05/2017
TABLE OF CONTENTS 1 Introduction... 9 1.1 Purpose & Scope of the Manual... 9 1.2 Responsibility for the Manual... 10 2 Regulatory Framework... 11 2.1 Introduction to the FCA... 11 2.2 Financial Services
More informationDate: Version: Reason for Change:
Applicant Name: Leo Tyndall Application Number: 89562543 Attachment Name: Number of Pages: 60 Date Prepared: 1/08/2014 Special Status (if any): Anti-Money Laundering and Counter-Terrorism Financing Policy
More informationAML/CFT Phase II. Kate Reid NZLS CLE live stream 28 November /11/2017. Check it out by logging in at:
Check it out by logging in at: www.lawyerseducation.co.nz AML/CFT Phase II Kate Reid NZLS CLE live stream 28 November 2017 1 What this presentation is about Phase II what and why What you have to do What
More informationANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM HANDBOOK JANUARY 2018
ANTI-MONEY LAUNDERING AND COUNTERING THE FINANCING OF TERRORISM HANDBOOK JANUARY 2018 Whilst this publication has been prepared by the Financial Services Authority, it is not a legal document and should
More informationMONEY LAUNDERING AND TERRORISM (PREVENTION) (AMENDMENT) ACT, 2013 ARRANGEMENT OF SECTIONS
BELIZE: MONEY LAUNDERING AND TERRORISM (PREVENTION) (AMENDMENT) ACT, 2013 ARRANGEMENT OF SECTIONS 1. Short title. 2. of section 2. 3. of section 15. 4. of section 16. 5. of section 17. 6. of section 18.
More information1. ENTITY & OWNERSHIP 1 Full Legal name
Financial Institution Name: Location (Country) : ING Bank N.V. The Netherlands No # Question Answer 1. ENTITY & OWNERSHIP 1 Full Legal name 2 Append a list of branches which are covered by this questionnaire
More information1. ENTITY & OWNERSHIP 1 Full Legal name
Financial Institution Name: Location (Country) : Nordea Bank AB (publ) Sweden No # Question Answer 1. ENTITY & OWNERSHIP 1 Full Legal name 2 Append a list of branches which are covered by this questionnaire
More informationIn developing this product AML Accelerate draws on unique and unparalleled knowledge and experience contained within the joint venture partners.
Improving New Zealand s ability to tackle ML/FT We would like to thank the New Zealand Ministry of Justice for the opportunity to provide input into this important consultation on how to improve New Zealand
More informationCurrent developments related to AML legislation in the in the EU Dr. Katharina Lasota Heller HütteLaw
European Regional Meeting - Lucerne / Switzerland Current developments related to AML legislation in the in the EU Dr. Katharina Lasota Heller HütteLaw These presentations are informational only. They
More informationBeneficial Ownership and Control: Trust Associated Complexities
Beneficial Ownership and Control: Trust Associated Complexities Supplemental FAQs for Trust Company Service Providers (TCSPs) Background The Jersey Financial Services Commission (JFSC) recognises the complexities
More informationFSC's Response to IMF Report's Recommendations
FSC's to IMF Report's Recommendations IMF Recommendation AML/CFT R.05 & 8 Customer due diligence, including enhanced or reduced measures Review existing correspondent banking arrangements to ensure that
More informationBanco General, S.A. Panama, Republic of Panama. Banco General, S.A.
Financial Institution Name: Location (Country) : Banco General, S.A. Panama, Republic of Panama. No # Question Answer 1. ENTITY & OWNERSHIP 1 Full Legal Name Banco General, S.A. 2 Append a list of branches
More informationEAA issues guidelines on compliance of anti-money laundering and counter-terrorist financing requirements for the estate agency sector
EAA issues guidelines on compliance of anti-money laundering and counter-terrorist financing requirements for the estate agency sector (21 February 2018) Subsequent to the passing of Anti-Money Laundering
More informationPart A. Details of Proposed Company
Registered Trust Company Business Application for consent to issue shares and / or admit a guarantor member in a proposed Jersey Company (made pursuant to the provisions of the Control of Borrowing (Jersey)
More informationBeneficial Ownership TCB Seminar. 28 April 2017
Beneficial Ownership TCB Seminar 28 April 2017 If everyone is moving forward together, then success takes care of itself. Henry Ford Agenda Achievements to date Registry vision Beneficial Ownership Guidance,
More informationFINAL NOTICE. Sonali Bank (UK) Ltd, Osborn Street, London E1 6TD. (1) imposes on Steven Smith a financial penalty of 17,900; and
FINAL NOTICE To: Steven George Smith Reference Number: SGS01046 Address: Sonali Bank (UK) Ltd, 29-33 Osborn Street, London E1 6TD Date: 12 October 2016 1. ACTION 1.1 For the reasons given in this notice,
More informationANTI-MONEY LAUNDERING POLICIES, CONTROLS AND PROCEDURES
ANTI-MONEY LAUNDERING POLICIES, STATEMENT It is the policy of this firm that all members of staff at all levels shall actively participate in preventing the services of the firm from being exploited by
More informationFINAL NOTICE Alpari confirmed on 22 April 2010 that it would not refer the matter to the Upper Tribunal (Tax and Chancery Chamber).
Financial Services Authority FINAL NOTICE To: Alpari (UK) Limited Of: 201 Bishopsgate London EC2M 3AB Firm Reference Number: 448002 Date: 5 May 2010 TAKE NOTICE: The Financial Services Authority of 25
More informationTo whom it may concern. Implementation of the 4th EU Anti Money Laundering Directive
To whom it may concern Executive Office/ Legal and International Affairs Contact: Philipp Röser Phone: +423 236 62 37 E-Mail: philipp.roeser@fma-li.li Vaduz, January 18, 2018 AZ: 7404 Implementation of
More informationRegulatory Update on AML/CFT
Regulatory Update on AML/CFT Putting Risk-Based in AML: The Road Ahead Mr Stewart McGlynn Division Head Anti-Money Laundering and Financial Crime Risk Hong Kong Monetary Authority 25 September 2015 Disclaimer
More informationConsultation Paper. No Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008: Fees for registered persons
Consultation Paper No. 10 2016 Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008: Fees for registered persons A consultation on proposals to increase fees Issued: December 2016 Consultation Paper
More informationCAYMAN ISLANDS. Supplement No. 2 published with Extraordinary Gazette No. 22 of 16th March, THE PROCEEDS OF CRIME LAW.
CAYMAN ISLANDS Supplement No. 2 published with Extraordinary Gazette No. 22 of 16th March, 2018. THE PROCEEDS OF CRIME LAW (2017 Revision) ANTI-MONEY LAUNDERING REGULATIONS (2018 Revision) Revised under
More informationAnti-Money Laundering Policy and Procedure
PA Housing Limited Anti-Money Laundering Policy and Procedure November 2017 Owning manager Simon Hatchman Department Finance Approved by Audit & Risk Committee 2 November 2017 Next review date October
More informationTaiwan Shin Kong Commercial Bank Co., Ltd. (Shin Kong Bank) 21F, No.36, Songren Road, Xinyi District, Taipei, Taiwan
Financial Institution Name: Location (Country) : Taiwan Shin Kong Commercial Bank Co., Ltd. (Shin Kong Bank) 21F, No.36, Songren Road, Xinyi District, Taipei, Taiwan The questionnaire is required to be
More informationMONEY LAUNDERING (JERSEY) ORDER 2008
MONEY LAUNDERING (JERSEY) ORDER 2008 Revised Edition Showing the law as at 1 January 2009 This is a revised edition of the law Money Laundering (Jersey) Order 2008 Arrangement MONEY LAUNDERING (JERSEY)
More informationEXECUTIVE SUMMARY. 4. Individuals and groups seeking to
CONCEALMENT OF BENEFICIAL OWNERSHIP 5 EXECUTIVE SUMMARY 1. Criminals employ a range of techniques and mechanisms to obscure their ownership and control of illicitly obtained assets. Identifying the true
More informationJOINT RESOLUTION OF THE GOVERNOR OF BANK OF MONGOLIA AND CHAIR OF THE FINANCIAL REGULATORY COMMISSION
JOINT RESOLUTION OF THE GOVERNOR OF BANK OF MONGOLIA AND CHAIR OF THE FINANCIAL REGULATORY COMMISSION Date: June 30, 2016 Ulaanbaatar No A-162/195 In terms of article 19.2.3 of The Law on Money laundering
More informationG20 High-Level Principles on Beneficial Owner Transparency (SPAIN)
G20 High-Level Principles on Beneficial Owner Transparency (SPAIN) The Spanish legislation is in line and complies with the revised FATF Standards. In this context, Spain recognizes the particular importance
More informationJersey Financial Services Commission
Jersey Financial Services Commission STEP seminar AML/CFT update Andrew Le Brun Hamish Armstrong Financial Crime Policy Introduction Overview MONEYVAL - Where are we now? Electronic CDD ( E-CDD ) - Guidance
More information