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Amendment to Schedule 2 Business Activities from 30 January 2023 – the laws, rules and guides

08/02/2023
  • Introduction to the Jersey amendments to Schedule 2 Activities
  1. The Proceeds of Crime (Jersey) Law 1999 (the Proceeds of Crime Law) has changed following the Proceeds of Crime (Amendment No.6) (Jersey) Law 2022 (the Amendment) that came into force on 30 January 2023. 
  2. The Amendment recasts Schedule 2 [the Proceeds of Crime Law] so that activities and operations subject to AML/CFT/CPF obligations align with the definitions within the Financial Action Task Force Standards
  3. The above effect is the removal of all previous scope exemptions from AM/CFT/CPF obligations and exemptions from registration.
    • As a result, the business activities set out in Schedule 2 are widened to include activities not previously within scope.

JFSC website

  1. The JFSC website now caters for:- 

What action is required now?

  1. The Amendment may impact both entities in and out of the scope of the pre-Amendment Schedule 2. 
  2. Industry must consider the guidance "What Action Required now Schedule 2 amended",
  3. The guide includes details of the forms that need to completing and how the transitional period
    1. https://www.jerseylaw.je/laws/enacted/Pages/RO-008-2023.aspx
  4. If you were undertaking a Schedule 2 activity before the Amendment on 30 January 2023, the following document might assist you in reviewing the activities in the amended Schedule 2: 

Do you need to complete the AMLSP Workbooks to become an Anti-Money Laundering Services Provider (AMLSP)?

  1. If you are a Trust Company Business and/or a Fund Services Business that wishes to provide services as an AMSLP, you must complete the relevant workbooks that are here:-
  2. Work continues through the transitional period with the relevant agencies, such as FIU, regarding SAR reporting to implement the appropriate changes/amendments

Further information on Financial Crime - Schedule 2 Business

  1. https://www.jerseyfsc.org/industry/sectors/financial-crime-schedule-2-business/

 

JERSEY

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

news disclaimer -

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.