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FUND SERVICES BUSINESS & COLLECTIVE INVESTMENT FUNDS ON-SITE EXAMINATION PROGRAM 2014 SUMMARY FINDINGS Introduction In 2014, the Commission also conducted a joint examination with the UK Financial Conduct Authority (“FCA”) of a local fund services provider where the Commission is the lead regulator. This was the first time that the FCA joined the Commission on […]

Funds and asset managers and other financial institutions take note: the Fourth Money Laundering Directive (“MLD4”) has finally been agreed and will come into effect no later than June 2017. This directive amends the EU’s existing anti-money laundering (“AML”) and counter terrorist financing (“CTF”) legislation in several respects. Some of these amendments will present particular […]

The FCA’s report outlines findings from its thematic review into delegated authority arrangements within the general insurance market, stating that improvements are needed to due diligence and assessing consumer outcomes. The thematic review looked into 12 insurers and 19 associated intermediaries and third party administrators. The focus of the review was on concerns that firms […]

YOU HAVE just been named by your financial firm as a responsible officer under the US Foreign Account Tax Compliance Act, or FATCA for short. Should you hand in your two-week notice, take the job in stride, or brace– and protect yourself — from hefty operational and legal liabilities? Those are the decisions and options […]

The following statement has been issued by the JFSC on 20th March 2015 1.       Innovative technology – Technology now offers the possibility of collecting information and obtaining evidence of an individual’s identity in new and different ways. 2.       Accordingly, the Jersey Financial Services Commission (JFSC) has started to consider what additional guidance may be needed […]

The rise of compliance Written by: Kirsten Morel Increased regulation and demands for transparency have meant the compliance burden for financial service providers has become more onerous. Kirsten Morel examines how these firms have been affected You don’t have to work in the finance industry to be aware that compliance plays a key role in […]

ON THE 17 September 2014The GFSC have issued a FAQ to answer the following question • What is a Business Risk Assessment? Introduction 1. Regulation 3 of the AML/CFT Regulations requires a business to carry out and document a suitable and sufficient business risk assessment (“BRA”). 2. A BRA is an important tool used to […]

The regulatory laws provide that a licence or registration application shall contain or be accompanied by such other information or documents as the Commission may reasonably require, for the purpose of determining the application. Business Risk Assessments (“BRAs”) The Financial Action Task Force (“FATF”) 2012 Recommendations (“the Recommendations”) place even greater emphasis on the importance […]