New JFSC Consultation Paper

The JFSC has issued a Consultation Paper on proposals to amend some specific provisions that deal with customer due diligence measures and take into account of the imminent revision to international standards set by the Financial Action Task Force.

Amongst other things, proposals in the Paper will:

  • Clarify the additional customer due diligence measures that must be taken when a relationship with a customer is established remotely - where the customer is not seen - and money laundering and terrorist financing risk is considered to be higher than the norm.
  • Provide additional guidance on identifying countries which may be considered to present a higher risk of money laundering or terrorist financing.
  • Specify some additional due diligence measures to be applied where a customer has a connection to Iran or North Korea, and where a customer is considered to present a higher risk as a result of a connection to Bolivia, Burma (Myanmar) Cuba, Ethiopia, Kenya, Nigeria, São Tomé & Príncipe, Sri Lanka, Syria and Turkey.
  • Extend the circumstances in which it may be appropriate to simplify customer due diligence measures because the risk of money laundering or terrorist financing occurring is considered to be less for a particular customer, product or service

For more information click here

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