Thank you to Olaf Blakeley, who on the 16th March 2016 @ the Pomme D’or Hotel, provided a thoroughly enthralling workshop on such matters as; the JFSC’s enforcement ‘tricks of the trade’ and how to respond to enforcement measures including complying, challenging and resisting.

Further, Olaf also provided some key pointers on the first line of defence in managing ENFORCEMENT RISK – this included the way in which regulated entities respond to enforcement action and guidance to help businesses make informed decisions about early and effective steps they can take which will have a profound effect on the eventual outcome of enforcement investigations.

Background

This workshop follows MoneyVal pronouncements which are leading too significant effect with its feedback triggering some further changes to AML legislation and regulation along with its continued recommendation and desire to see more prosecutions in Jersey.  Also we have seen several high profile enforcement cases in Jersey that has led several commentators to suggest financial regulation in Jersey is seemingly becoming enforcement led.

These comments have been triggered following:

• the introduction of civil penalties legislation in June 2015
• significant number of public statements being issued by the Jersey Financial Services Commission [JFSC],
• challenges to the issue of public statements proceeding through the Royal Court and
• the prosecution of a MLRO and the firm for which she worked.

This ENFORCEMENT RISK means that regulated entities need to be ready to deal with enforcement action, and with financial penalties also having been introduced enforcement is likely to become more prominent in 2016 and beyond.

Please take a look at our gallery from the event below.

[tribulant_slideshow gallery_id=”11″]