The role of the Money Laundering Compliance Officer - Thematic Feedback published

During the third quarter of 2022, we undertook a thematic examination to assess the compliance of supervised persons with their regulatory obligations regarding the role of the Money Laundering Compliance Officer (MLCO).

The thematic consisted of an examination of eight supervised persons and we identified 27 findings. Our Feedback provides more detail on our findings and sets out relevant examples of good practice:

2022 Thematic examination programme - The role of the MLCO.

All supervised persons should review this feedback and consider what enhancements to their systems and controls might be required.

In December 2022 we advised that we would be issuing a video covering the key parts of our feedback for the Business Risk Assessment and formal Anti-Money Laundering /Countering the Financing of Terrorism Strategy thematic. This will now be covered along with our MLCO feedback in one video.

We invite you to submit any questions or feedback you might have on the MLCO thematic feedback to FSCSupervisionExaminationUnit@jerseyfsc.org by 25 May 2023, so they can be answered as part of the recording.