Examinations

Examination programme 2023

Our thematic examinations are conducted in response to a perceived, current or emerging regulatory risk. A particular topic or topics are selected for consideration and review across a number of different entities and/or individuals from either the same sector or across sectors. This enables the standard of compliance and associated risks on the topic to be assessed more broadly.

Examinations may be conducted through various means, including by way of a questionnaire, in-depth examinations/desk-based activity or a combination of both.

The themes for our 2023 thematic examination programme are:

• Natural persons undertaking Class G trust company business
• Reliance on obliged persons
• Countering the Financing of Terrorism / Countering Proliferation Financing
• Independent Financial Advisers – investment advice to vulnerable persons

See more details.

During 2023 we will also be undertaking a number of Thematic Assessment Visits (TAVs), which follow a similar methodology to our thematic examinations but are narrower in scope and sector-specific in focus. The programme for 2023 will be led by the supervision teams and will be focused on:

• Banking: To assess compliance with customer onboarding and customer risk assessment obligations. The visits will take place in across the year.
• Funds: We will be undertaking two TAVs in 2023. The first will consider Designated Service Providers’ assessment and understanding of client risk for Jersey Private Funds and the second will focus on the application of customer identification and verification obligations for Unregulated Funds. The visits will take place in Q3 and Q4.
• Trust Company Business: To assess compliance with the statutory and regulatory requirements regarding AML/CFT/CPF training and to consider the effectiveness of the training. The visits will take place across the year.
• Investment Business: To assess the adequacy and effectiveness of compliance monitoring arrangements, including the interrelationship between the compliance monitoring plan, the Business Risk Assessment and relevant policies and procedures. The visits will take place in Q2 and Q3
• DNFBP/VASP: To assess compliance with requirements for suspicious activity reporting and evaluate the level of understanding of individual obligations. The visits will take place in Q3 and Q4.
• NPO: to assess compliance with the obligation to keep a record of significant donors. The visits will take place in Q2.

In the event your business is selected for inclusion in an examination, we will contact you due course to provide further details about the examination process.