Supervision
At the JFSC, we operate a risk-based approach to our supervisory activities, ensuring that we deploy our resources to those business that pose the greatest potential regulatory risk to Jersey's reputation as an international finance centre.
The Supervision division's primary function is to oversee regulated businesses and individuals to ensure they meet their relevant legal and regulatory obligations.
Central Authorisations
Central Authorisations is a centralised unit for authorisation and cessation activities for all regulated businesses, products and individuals. This unit is our first line of defence in our supervisory model and works closely with all of our frontline supervisory units.
Financial Crime Examination Unit
This team is a dedicated financial crime unit, focusing on anti-money laundering / countering the financing of terrorism, targeted sanctions and anti-bribery and corruption.
The team coordinates and delivers a programme of examinations, ensuring businesses are complying with statutory and regulatory requirements relating to financial crime.
Supervision Examination Unit
Our Supervision Examination Unit is responsible for coordinating and delivering a dedicated programme of examinations across all sectors of Jersey’s regulated community.
This team’s primary focus is to conduct a programme of thematic examinations and examinations in response to a known or perceived risk within a particular entity.
Relationship Managed Supervision
We have two Relationship Managed Supervision units which oversee regulated businesses considered to present the greatest risk to the JFSC’s guiding principles. One team supervises banking and fund services business and the other oversees trust company business, investment business and insurance.
Supervisors in these units remain sector-focused, ensuring we retain specialist knowledge. They manage a portfolio of businesses on either a proactive or enhanced basis which involves increasing face-to-face activities and regular dialogue, through onsite examinations, outreach and annual review meetings.
Regulated Businesses supervised by the Relationship Managed units will have dedicated supervisors allocated to the supervision of their business and there is no central email address for this team. Should a supervisor be absent from the office, we have arrangements in place for dealing with correspondence in their absence.
Pooled Supervision
Our Pooled Supervision team supervises businesses that are considered to present a lower potential risk. A number of these are designated non-financial businesses and professionals such as lawyers, accountants and estate agents.
While these businesses pose a lower potential risk, they are not necessarily low risk. Our strategy for supervising these businesses is built on thematic examinations, entity risk examinations (where the specific risk is above our own risk tolerance) and outreach to industry.
pooledsupervision@jerseyfsc.org
Regulatory Maintenance
Regulatory Maintenance provides support to industry and our other Supervision teams for day-to-day activities, easing the administrative burden for supervisors so they can focus their efforts on where the greatest risks lie.
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