The following are the areas firms should focus on when assessing their MLRO Lack of independent assessment conducted annually Training not specific and effectiveness not tested Staff encouraged to discuss concerns with line-manager or MLRO/DMLRO Inadequate processes and procedures Lack of understanding between MLRO and MLCO responsibilities Unclear decision-making process regarding SARs Sourced from

Revised AIC Code of Corporate Governance for certain Guernsey and Jersey companies Principal changes in the revised AIC Code of Corporate Governance are relevant for boards of directors of certain Guernsey and Jersey companies A New Environment 1. There is now just one AIC Code which covers UK, Guernsey and Jersey member companies. 2. Principal […]

The AIC Code is a framework of best practice in respect of the governance of investment companies published by the Association of Investment Companies (AIC). Founded in 1932, the AIC represents a broad range of closed-ended investment companies, incorporating investment trusts, offshore investment companies, real estate investment trusts and venture capital trusts. Guernsey and Jersey […]

Update prepared by Mathew Cook (Counsel, Jersey) Following much anticipation, we now have a chance to review the public statement and identify key learning points for industry. The Jersey Financial Services Commission (the JFSC) has had the power to issue civil penalties since March 2015 and this week issued the first penalty. With the expansion […]

17 July 2019 Financial Services (Jersey) Law 1998, as amended (the FS(J)L) Code of Practice for Fund Services Business and Code of Practice for Trust Company Business (together, the Codes) 1 Action 1.1 The Jersey Financial Services Commission (JFSC) issues this public statement pursuant to Article 25(ba) of the FS(J)L. 1.2 The JFSC’s actions support […]

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 […]

SPEED READ On due diligence the JFSC are specifically clear on the view that centrally important part of proper due diligence is that written records be created to document the steps taken more generally the JFSC are of the view that Keeping records of operational behaviour is essential and the JFSCs views is that 1. […]

The Jersey Financial Services Commission (JFSC) has received top ratings for its trust company regulation following the first evaluation of its kind by the Group of International Finance Centre Supervisors (GIFCS). The GIFCS assessors visited the JFSC from 30 October to 3 November 2017 to conduct their review. Jersey was the first international finance centre […]