As at writing (28th June 2019), the JFSC has not issued a civil fine – however the JFSC claim to have issued a TCB  with Civil Penalty warning. After issuing the warning, they first wanted a reporting professional to provide an independent report on the state of the TCB systems and controls. The result of the report was a positive […]

Introduction The JFSC Trust Company Business Examination Feedback 2014 has been issued (on the March 31st 2016!!!) This paper sets out the summary findings from the Jersey Financial Services Commission’s (“the Commission’s”) programme of onsite examinations conducted during the calendar year 2014. The purpose, objective and process of the programme remain unchanged and each included […]

The JFSC Trust Company Business Examination Feedback 2015 paper has been published (March 31st 2016) – this paper sets out the summary findings from the Jersey Financial Services Commission’s (“the Commission’s”) programme of onsite examinations conducted during the calendar year 2015. The JFSC forward the paper with the following thoughts The principal theme for 2015 […]

The report looks at the following compliance matters 1. Handbook for the prevention and detection of money laundering and the financing of terrorism (“the AML handbook”) 2. Jersey Financial Services Commission (“the Commission”) Financial Services (Jersey) Law, 1998, (“the Law”) This report in the form of a letter outlines some observations arising from the on-site […]

INTRODUCTION The JFSC have issued their 2014 Summary Findings following its 2013 On-Site Visit Examination Programme. The Introduction, scope, process and overview is outlined below Introduction, scope, process and overview Introduction This paper sets out the summary findings arising from the Jersey Financial Services Commission’s (the “Commission”) programme of on-site examinations as part of its […]

INTRODUCTION The JFSC have issued their 2014 Summary Findings following its 2013 On-Site Visit Examination Programme. In this report the JFSC provided an overview and conclusion as follows JFSC overview and conclusion The majority of on-site 2013 examinations encompassed a review of Corporate Governance, the key person functions and Critical Anti-Money Laundering and the Countering […]

INTRODUCTION The JFSC have issued their 2014 Summary Findings following its 2013 On-Site Visit Examination Programme. The key findings are as follows KEY FINDINGS Suspicious Activity Reporting Procedures Evaluation of SARs and Reporting to the JFCU Corporate Governance Delegated functions of the board Business Risk Assessment and Strategy Conflicts of Interest Compliance Function Compliance Resourcing […]

Corporate service providers supply the shell companies that are commonly used to launder illicit funds, including the proceeds of corruption. Effectively regulating these service providers is one important way to limit money laundering and therefore make corruption less profitable. Governments and international organisations must look beyond their current preoccupation with formal laws and regulations to […]