Jersey Compliance Officers Association

🗣 Have your say! The JFSC has published a discussion paper on the compliance function. It covers the role of the compliance officer, money laundering reporting officer (MLRO) and money laundering compliance officer (MLCO) and their functionality within the Jersey context (e.g. their employment and residential status). We will be gathering our members views to provide to the JFSC, by holding two separate working groups on 7th and 13th November 12.00-14.00. Please sign up to ONE event on the jcoa.co.uk website under the 'Events' tab. This affects you, our compliance community, and is an opportunity for you to have your voice heard.

Those signed up for JFSC updates will be aware of this new tool “Reggie”, however, compliance isn’t just for the Compliance Team - something like this is useful for directors, client facing and other staff when looking for an initial view on a compliance matter. We would be interested to hear how you find this in practice and in your experiences with it so far. https://lnkd.in/eymZjzXG

Jersey’s financial services sector continues to thrive, thanks to its strong regulatory framework and the dedication of its legal and compliance professionals. Nicola Ingram, Chair of the Jersey Compliance Officers Association, highlights the essential role of compliance officers in maintaining high standards and balancing evolving regulations with business needs. Jill Britton, Director General at the Jersey Financial Services Commission, stresses the Commission’s focus on enhancing regulation, embracing digital transformation, and safeguarding Jersey’s international financial reputation. Simon Felton, Partner at Appleby Jersey, outlines recent changes to Jersey’s insolvency laws, notably provisions for provisional liquidations and creditors' rights, as clarified by the HWA Case. Nigel Sanders, President of The Law Society of Jersey, emphasizes the critical contributions of Jersey’s legal professionals in shaping legislation and advancing the Island’s global standing. Read all the articles now on our website: https://jsy.fi/3BpoEWh #FirstForFinance2024 #Compliance #Regulation #FinancialServices #Insolvency #JerseyFinance

💻 UPCOMING WEBINAR - The financial crime threat landscape in 2024, the global trends that are keeping compliance professionals awake at night! We are delighted to welcome Joby Carpenter, an ACAMS global subject matter expert on crypto assets, illicit finance and emerging threats. Joby will be sharing his insights on the financial crime threat landscape and the implications for the compliance community. In particular Joby will consider: 🔹 Geopolitical developments which are driving new threats and leading Governments, regulators, state actors and organised crime groups alike to respond to everchanging global dynamics. 🔹 Financial crime risks which have become more diverse, complex and how this is influencing anti-financial crime frameworks. 🔹 How these trends are impacting efforts to make a risk-based approach more effective. 🔹 The impacts on regulated entities and financial crime professionals and what might be coming down the track. Joby has 20 years of experience and expertise in strategic policy making, critical thinking, threat and risk analysis across the UK Government, intelligence and regulatory community. In his previous role Joby was responsible for the management of the Financial Conduct Authority’s Strategic Assessment Team, overseeing a team of analysts tasked with delivering high quality intelligence reporting on money laundering, fraud, market abuse, corruption and other forms of criminality across the regulated sector. To register for the event, please log in to jcoa.co.uk and find the event under the Events tab.

Some helpful pointers on from the JFSC re the thematic assessments undertaken in the first half of 2024 #JFSC #feedback #thematicexaminations #regulation #compliance

Regarding the recent civil financial penalty of £19,211.73 imposed on a TCB / FSB on 11 October, we summarise the ‘Aggravating factors’ noted in the JFSC Public Statement for training purposes: ➡️ Failure to comply with internal policies and procedures in relation to the customer which went unidentified by compliance monitoring processes. (see 5.1) ➡️ Failure to comply with elements of the AML / CFT Code despite having access to JFSC published guidance on the steps that can be taken to reduce financial crime risk including AML/CFT Handbook, guidance notes, examination feedback papers and public statements. (see 5.2) ➡️  Failure to notify the JFSC of matters giving rise to noncompliance with the Regulatory Framework relating to the customer when the failure was identified by the firm. (see 5.3) So taking these factors alone, remember: ➡️ Failure to follow your own procedures can result in a breach of the AML Framework (see 11 (1) of MLO and note that ‘maintain’ means follow them as well as having them). ➡️ CMP backlogs (which can be common) or testing that doesn’t align with your procedures (often going unnoticed with high level reporting) can be serious. Ensure design testing and prioritisation of CMP to stay in line with the requirements of the AML framework. ➡️ There is an expectation that employees are aware of the guidance, examination feedback papers and public statements. Ensure the board, senior management and staff are trained on these. Remember, compliance cannot be achieved by a few people sat in a Compliance team alone so share this information generously within your organisation… ➡️ As well as a general notification requirement, informing the regulator of regulatory issues identified within reports can be a requirement of the accounts order and a way to build trust with the regulator. A link to the full public statement including mitigation factors is here: https://lnkd.in/ecvTAtkN

Happening tomorrow - don't miss out!

One relating to Guernsey, although the learnings are relevant. The GFSC recently warned of a possible "phishing attack" targeting GFSC regulated firms (the link was gfsc.app rather than gfsc.gg and an email asked people to log into the PQ portal to update). The GFSC has updated their warning to say that this turned out to be a third-party training exercise for their own staff and not a genuine attack. Many of us at some point will be frustrated with ourselves for falling for a test like this and it is especially embarrassing when holding a Risk related role! But even simulated attacks remind us to slow down (not easy in our line of work), double check email addresses and remain vigilant. https://lnkd.in/eeSiMcmr

One relating to Guernsey, although the learnings are relevant. The GFSC recently warned of a possible "phishing attack" targeting GFSC regulated firms (the link was gfsc.app rather than gfsc.gg and an email asked people to log into the PQ portal to update). The GFSC has updated their warning to say that this turned out to be a third-party training exercise for their own staff and not a genuine attack. Many of us at some point will be frustrated with ourselves for falling for a test like this and it is especially embarrassing when holding a Risk related role! But even simulated attacks remind us to slow down (not easy in our line of work), double check email addresses and remain vigilant. https://lnkd.in/eeSiMcmr

Happening tomorrow - don't miss out!