Finance leaders’ sanctions knowledge to be tested

Friday 19 August 2022

More than 20 finance leaders are due to have their ability to screen for potential sanctions evasion attempts tested by the regulator.

The group will include individuals across the banking, funds services, investment, trust and legal professionals.

It follows a questionnaire issued in January where 65 businesses under the Jersey Financial Services Commission’s watch were asked to provide information on “systems and controls that they have implemented to ensure compliance” with their legal and regulatory obligations.

The specialised testing will take place in November, with AML Analytics hired to assist. 

“We are looking forward to working with AML Analytics, who have assisted regulators and central banks with similar thematic reviews in many jurisdictions,” the JFSC said. 

While the examination comes just months after a flurry of sanctions were applied to indivuduals and businessees following Russia’s invasion of Ukraine, a spokesperson for the regulator told Express it was “already planned in 2021 as part of our on-going program of thematic work.” 

As of 31 July 2022, local finance firms had made 178 sanctions compliance reports to Jersey’s External Relations Minister in connection with the Russian sanctions regime, with frozen assets totalling £1,157,300,000.