Law amendment to make risk-based supervision a legal requirement
The Government of Jersey has made an amendment to the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2021, which makes it a legal requirement for us to use a risk-based approach when supervising businesses and individuals for compliance with their AML/CFT obligations.
This is an approach we already undertake, so there should be no real impact for businesses. Risk already drives how we supervise AML/CFT, for example we use the data we collect from businesses to determine the frequency and depth of the supervision a business may require.
This change also helps us to demonstrate compliance with the Financial Action Task Force (FATF) Recommendations 26 and 28.
In this short update, Hamish Armstrong, our Chief Advisor for financial crime, provides more information about this change.
For any questions or more information about this change, contact email@example.com