Jersey compliance teams need to prepare for virtual JFSC examinations, Walkers' senior counsel warns

News Team, 06/07/2020

A lawyer in offshore law firm Walkers’ Jersey regulatory and risk advisory group has said that the JFSC’s plans show that financial services professionals – and compliance teams in particular – need to start preparing for examinations.

The regulator is planning to undertake virtual examinations using Zoom, and that it will allow attendees from different locations to participate.

Rachel Amos, a senior counsel at Walkers said that the news creates welcome clarity, but that there will still be some work for regulated businesses to do.

She said: “The JFSC’s statement during a webinar last week that virtual examinations would be carried out by Zoom, and that attendees from different locations can participate, is a helpful one.

“There may be compliance officers in corporates with strict information security policies about preferred and excluded video-conferencing platforms that will need a corporate policy exemption in order to participate.

“Also, on a practical level, some teams will need trai...

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