JFSC issue 2 consultations proposing changes to the civil financial penalties legislation and decision making process of JFSC

Changes to the civil financial penalties legislation

The JFSC has released a consultation to amend the powers of the JFSC.   The proposed amendments would grant the JFSC with powers to impose fines:

  • on money laundering compliance officers/reporting officers and compliance officers
  • on senior management within regulated businesses
  • on designated non-financial businesses and professions (for example lawyers, estate agents, accountants)
  • for breaches of the Money Laundering Order

The deadline for feedback is the 1 September 2021.

Changes to the JFSC decision making process

At the same time, the JFSC is asking for feedback on proposals to make changes to the process it follows for deciding whether a regulatory sanction should be imposed at the conclusion of an enforcement case.

Read the consultation here.

The deadline for feedback is also the 1 September 2021.

Webinar – your opportunity to put your questions to the JFSC about the proposals

There will be an online event held on the 21 July 2021 for business’ and individuals to attend to hear from representatives inside the government and JFSC, as well as to discuss and provide feedback on the consultation. The topics covered will be:

  • the proposed changes to expand the civil financial penalties regime legislation
  • the reasons for the changes and what they mean for businesses and individuals
  • how the JFSC is seeking to streamline its decision making process and what this would mean for businesses and individuals who go through the process
  • Questions and answers.

Register for the event here

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