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Jersey AML SUPERVISED BUSINESS are also 1] REGISTERED PERSON 2] REGULATED PERSON 3] PRESCRIBED NPOs 4] SCHEDULE 2 BUSINESS

30/03/2023

Proceeds of Crime (Supervisory Bodies) (Supervised Business – Amendment) (Jersey) Regulations 2023 [AMEND REGS] came into force on 8 February 2023.

These AMEND REGS amend the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008  

Further the AMEND REGS have brought about changes to the classification of types of businesses that fall in the JFSC net of AML supervised business, that includes:-.

  • Supervised business
  • Registered person
  • Regulated person.
  • Prescribed NPO
  • Schedule 2 Business

These changes are brought about following the RECASTING of the PROCEEDS OF CRIME (JERSEY) LAW 1999 [POC] “SCHEDULE 2”. 

To see how these classification types came about follow the law extracts below.

AMEND REGS - Article 1 (interpretation) amended.

In Article 1(1) (interpretation) –

(a)     …….for “SCHEDULE 2 BUSINESS” there is substituted “SUPERVISED BUSINESS” –

(b) ……“SUPERVISED BUSINESS” means –

  •     Schedule 2 business; and
  •     Business carried on by a prescribed NPO;”.

And in the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 we are told

“SUPERVISED PERSON” means a

  • REGISTERED PERSON,   means a deemed registered person or a person who is registered under Article 14;
  • A REGULATED PERSON means a person who carries on a REGULATED BUSINESS.
  • “REGULATED BUSINESS” means –
    • (a)    A Fund business within the meaning of the Collective Investment Funds (Jersey) Law 1988 and either a:-,
      • Recognized fund, or
      • Unclassified fund
    • (b)     A Schedule 2 business for which a person must –
      • (i)      Be registered under the Banking Business (Jersey) Law 1991,
      • (ii)      Hold a permit under the Collective Investment Funds (Jersey) Law 1988,
      • (iii)     Be registered under the Financial Services (Jersey) Law 1998, or
      • (iv)     Be authorized by a permit under the Insurance Business (Jersey) Law 1996;

 

  • PRESCRIBED NPO –
    • “Prescribed NPO” means an NPO prescribed, or that belongs to a class of NPOs prescribed, in an Order under Article 13A of that Law;
    • “NPO” means a non-profit organization, as defined in Article 1 of the Non-Profit Organizations (Jersey) Law 2008;

 

  • “SCHEDULE 2 BUSINESS” means.
    • A business described in Schedule 2 to the Proceeds of Crime (Jersey) Law 1999
    • Except a business described in Part 5 of that Schedule [NAMELY [25] Express trusts]

 

SOURCE

 

 

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.