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Jersey – COMPLAINTS, SARs & TIPPING OFF – FIU agrees a PROTOCOL.

19/06/2024

Jersey – COMPLAINTS, SARs & TIPPING OFF – FIU agrees a PROTOCOL.

Douglas Melville, Principal Ombudsman & Chief Executive, and his team at the Channel Islands Financial Ombudsman (CIFO) hosted an event at the Royal Yacht on June 18th, titled:-

'CIFO/JFSC/FIU Panel Discussion on Complaints Handling Good Practices'. (read here)

The panel presented on how to deal with complaints and best practices. They also spoke about tipping off and sharing information with CIFO.

WHAT WAS SAID:-

At present, the Tipping Off provisions in the law below provide a safe legal gateway for the direct sharing of information to CIFO by the FIU.

  • Article 35 of the Proceeds of Crime (Jersey) Law 1999 (POCJL) nor
  • Article 35 of the Terrorism (Jersey) Law 2002 (TJL), ‘

Concerning the above safe legal gateway issue Michael Fitzgerald, presented on a protocol that the FIU has agreed with the CIFO  - his slides are attached – and slide 21 is here:-

The PROTOCOL allows:-

  • Members of the financial services industry to communicate with CIFO even though they have submitted a Suspicious Activity Report [SAR] to the FIU.
  • The financial service business is released from 'Tipping Off' albeit it must not share THE FACT that they has submitted a SAR and
  • CIFO is also protected from the Tipping Off or being forced to disclose information to the client under legal process.

Comsure in unaware that PROTOCOL other than the slides has been shared with the finance industry. What the FIU has said

  • As this was a Channel Islands Financial Ombudsman event, they will have the complete slide deck from this morning's event and will be able to provide.
  • Based on the feedback from today event, we will look to produce a handout which we can share with industry.

Read all the slides for a fuller understanding.

BACKGROUND INFO

The “tipping off” rules in Jersey are governed by the Proceeds of Crime and Terrorism (Tipping Off – Exceptions) (Jersey) Regulations 2014.

These regulations provide exceptions to the general rule against “tipping off” under

  • the Proceeds of Crime (Jersey) Law 19992 [POCL] and
  • the Terrorism (Jersey) Law 2002 [TJL]

POCL

TJL

The regulations address the risk of disclosing information that could potentially interfere with an investigation.

 

The regulations also outline certain circumstances where such a disclosure does not amount to the commission of an offence. These include:

  • Protected disclosures: general
  • Internal disclosures
  • Disclosures within a financial group
  • Disclosures between relevant persons
  • Disclosures to supervisory etc. bodies
  • Disclosures by Money Laundering Reporting Officers (MLROs)

LEGAL SOURCES

STORY SOURCE

https://www.linkedin.com/company/fiujersey/posts/?feedView=all

 

JERSEY YOUTUBE-IMAGE MONEY LAUNDERING

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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.