Jersey’s Time to Win: An Opportunity to Strengthen the Senior Appointments Regime and Transparency

EXECUTIVE SUMMARY:

1. The following article is an opinion piece designed to stimulate a conversation. Also, it welcomes the forward-looking "Time to Win" report (launched in March 2026 following a comprehensive review) for its focus on protecting Jersey's tax regime, embracing digitisation (including tokenisation, stablecoins, and the Digital Assets Innovation Council), cutting unnecessary regulation, and positioning the Island as an agile IFC amid global competition.
1. Time to Win full PDF
2. However, it seems to me that there is a gap in the current JFSC approach to senior appointments (e.g., principal/key persons, MLROs/MLCOs) and public disclosure, which creates real-world issues, especially for Virtual Asset Service Providers (VASPs) seeking to distribute apps on platforms like the Apple App Store and risks undermining long-term credibility.
3. With these observations, I have therefore offered some thoughts in the following two parts:-
1. Part 1 focuses on the digital assets’ opportunity highlighted in "Time to Win," the specific barrier posed by Jersey's lack of a public, certified register of senior AML officers (e.g., MLROs with unique identifiers), and how this leads to app rejections or workarounds (e.g., routing through UK FCA-regulated entities). It ties this to FATF/Basel standards on preventing unfit individuals from holding management roles and notes ongoing JFSC consultations to improve transparency for Schedule 2 (AML-supervised) entities.
2. Part 2 defines senior appointments in Jersey law, critiques the current "no objection" (negative clearance) system versus positive approval, highlights limited existing public disclosures (e.g., a narrow 2009 investment-business list), and argues that shifting to positive approvals and a comprehensive, digital competence register is feasible via JFSC's existing powers (precedent from 2009), low-burden, and directly supportive of "Time to Win" goals like proportionate oversight, FATF alignment, better mutual evaluations, and enhanced access to global platforms.
4. Overall, the article concludes that Jersey has a clear, timely choice: retain the status quo or implement these targeted enhancements as a "quick-win" to boost competitiveness, transparency, and reputation without high costs or legislation.

PART 1 - Time to Win: An Opportunity to Strengthen Jersey's Senior Appointments Regime and Transparency

INTRODUCTION TO PART 1

1. Part 1 sets the scene by referencing the author's attendance at the "Time to Win" report launch event, where government figures (including Minister Ian Gorst) emphasised protecting Jersey's tax stability, embracing innovation/digitisation, reducing regulatory complexity, and positioning the Island as a growth-oriented IFC. The report is praised as a practical blueprint for the sector's future, including "quick-wins" that balance oversight with competitiveness.
2. The section then dives into the digital future opportunity (e.g., tokenisation, the Digital Assets Innovation Council launched in December 2025, adjusted risk appetite, and skills investment) while noting implicit support for VASP activities. It identifies a key barrier: Jersey VASPs face challenges publishing crypto/financial apps on the Apple App Store due to Apple's high-risk classification and requirement for verifiable public registers of AML officers (especially MLROs with identifiers/URNs). Jersey lacks this (only entity-level VASP listings, no public individual details or URNs), unlike the UK's FCA register, which leads to rejections.
3. Firms often workaround by submitting via UK entities or relocating functions. The part links this to broader alignment with FATF Recommendation 15 (preventing criminals in management, confirming competence/integrity) and Basel principles, notes that many Schedule 2 AML-supervised persons (e.g., lawyers, estate agents) aren't publicly listed (though a JFSC consultation in late 2025/early 2026 proposed basic public info), and concludes that enhancing approvals/transparency would support "Time to Win" objectives.

INTRODUCTION

1. I (Mathew Beale) recently attended the publication event for the "Time to Win" report (the report) at the Radisson Blu, where External Relations Minister Ian Gorst and other government figures spoke to hundreds of industry professionals.
2. The messages were compelling and forward-looking: a resolute commitment to protecting Jersey's simple, stable tax regime; embracing digitisation and innovation (including in digital assets and tokenisation); reducing unnecessary regulatory costs and complexity; and positioning the Island as an agile, growth-oriented international financial centre (IFC) in an increasingly competitive global landscape.
3. The government's desire to maintain and build on Jersey's success as a reputable, high-standard jurisdiction was clear and inspiring. The report offers a clear blueprint for securing the future of a sector responsible for over half of the Island's economic output, two in five jobs, and the majority of tax revenue, with "quick-win" reforms that balance proportionate oversight with enhanced competitiveness.

A DIGITAL FUTURE

1. A key focus of the report is positioning Jersey competitively in emerging areas, with digital assets and related innovations highlighted as a major growth opportunity. This includes:
1. Leading in tokenisation (e.g., tokenised real-world assets, stablecoins, and digital corporate actions).
2. Establishing and working with the Digital Assets Innovation Council (launched in December 2025) to coordinate industry innovation, pilot high-value projects, address barriers, and modernise policy/legislative frameworks.
3. Adjusting risk appetite and building regulatory capability to attract institutional-grade digital asset activities.
4. Investing in skills, infrastructure, and expertise to support governance, compliance, and technology for digital assets.
2. While the report does not use the exact acronym VASPs (Virtual Asset Service Providers, a term from FATF standards for crypto exchanges, wallets, etc.) prominently in public summaries, the emphasis on digital assets, innovation in this space, and creating an enabling ecosystem implicitly supports VASP-like activities.
3. Jersey aims to adapt quickly to rapid developments in digital assets to avoid falling behind other jurisdictions, recognising younger investors' preferences for alternatives such as digital and tokenised assets.

BARRIER TO DIGITAL FUTURE

4. Amid Time to Win full PDF  optimism and focus on growth, there is a clear opportunity to further strengthen alignment with international standards and long-term credibility in one specific area: the Jersey Financial Services Commission (JFSC)'s approach to

1. Senior appointments, approvals, and
2. Senior appointments public disclosure.

• This issue is crystallised in real commerce rather than academic regulatory speak because Jersey-based Virtual Asset Service Providers (VASPs) have encountered issues when trying to publish regulated financial or crypto apps (e.g., exchanges, wallets, or trading apps with in-app AML/CDD/KYC features) on the Apple App Store.
• Comsure highlighted this matter in a June 2025 article from Comsure Group titled “ASK MAT: I’m a Jersey VASP, but I have discovered that I cannot use the Apple Store to operate. Help.”
• The result of the barrier is that many firms either avoid Jersey or restructure into more transparent jurisdictions.

WHY APPLE BLOCKS JERSEY VASPs

1. Apple classifies VASP/crypto apps as high-risk (due to money laundering, terrorist financing, and consumer protection concerns). During App Review, Apple requires the submitting legal entity to demonstrate:
• Proper licensing/registration in the jurisdiction where the app operates.
• Verifiable senior oversight and AML compliance structures.
2. Crucially, Apple expects (as an internal verification step) a certified public register of key AML officers, in particular MLROs (Money Laundering Reporting Officers) and related senior compliance persons that includes unique reference numbers (URNs) or equivalent identifiers. Although the Apple App Store Guidelines are silent on these matters, the situation as outlined is gleaned from practical App Review experiences or developer feedback that Apple requires verifiable public traceability of key AML officers (e.g., via registers like the UK's FCA)"
3. This allows Apple to quickly confirm that the individuals responsible for AML controls are regulator-approved, fit and proper, and publicly traceable.
4. Jersey does not have such a public, certified individual register:
• The JFSC publishes a list of registered VASPs (entity name + licences held, only no addresses, no individuals).
• VASPs must appoint and notify the JFSC of their MLRO and MLCO (and in some cases principal/senior persons), but these details are not made public with URNs or searchable identifiers.
• There is no equivalent to a “Senior Management Register” for VASPs under Jersey’s Schedule 2 (AML registration) regime.
• In contrast, the UK FCA’s Financial Services Register (under the Senior Managers and Certification Regime) publicly lists approved persons, including MLROs (as a controlled function), with URNs, approval status, and fitness checks. Apple can recognise and verify the UK jurisdiction.
5. Because Jersey is not on Apple’s internal list of “recognised jurisdictions” for this purpose (combined with the missing public MLRO register), apps submitted directly by a Jersey VASP are typically rejected or blocked during review.

WHAT FIRMS ARE DOING IN PRACTICE

1. Many Jersey VASPs (or their groups), therefore:
• Incorporate or relocate the app-submitting entity / AML-controlled functions in the UK (FCA-regulated).
• Keep core operations, custody, or trading in Jersey.
• Have Jersey-resident staff obtain FCA approvals (possible even if they live in Jersey, provided the firm meets UK requirements).
2. This workaround allows the app to be submitted by the UK entity (with verifiable FCA-registered MLROs), satisfying Apple’s checks. Some firms also explore other recognised jurisdictions (e.g., certain EU or Singapore setups) for the same reason.
3. Although other factors may play a role (e.g., broader market access, banking relationships, or Apple/Google scrutiny of fintech apps generally), the lack of a publicly certified MLRO/senior management register is repeatedly cited as the specific blocker for Jersey VASPs wanting iOS distribution.

INTERNATIONAL STANDARDS (FATF AND BASEL)

1. In addition to the digital sector and Apple, what about the international reputation?
2. As many are aware, recent assessments affirm Jersey's strong overall performance, including high effectiveness in risk understanding and mitigation.
1. MONEYVAL 2024 Executive Summary
3. However, these two elements, the "no objection" framing and the absence of a comprehensive public competence register, present an opportunity to better align with (and exceed) FATF Recommendation 15 and its Interpretive Note.
1. FATF INR.15 text
4. These require competent authorities to take the necessary measures to prevent criminals or their associates from holding management functions, and to confirm the identity, competence, and integrity of key individuals as a precondition for licensing, registration, and effective supervision.
5. Similar expectations appear in the Basel Core Principles and broader supervisory frameworks.

WHAT ABOUT ALL FIRM DISCLOSURES

1. All businesses and individuals conducting "financial services business" activities as defined in Schedule 2 to the Proceeds of Crime (Jersey) Law 1999 (as amended) must register with the Jersey Financial Services Commission (JFSC) under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008. This creates "supervised persons" (also called Schedule 2 businesses), which include:
1. Financial institutions
2. Designated non-financial businesses and professions (DNFBPs) such as lawyers (when carrying out relevant activities like conveyancing or trust advice), estate agents, accountants, high-value dealers, and certain private trust companies/family offices
3. Virtual asset service providers (VASPs)
2. This registration is mandatory for anti-money laundering (AML), countering the financing of terrorism (CFT), and countering proliferation financing (CPF) purposes, regardless of whether the entity is also subject to full prudential/conduct regulation under the Financial Services (Jersey) Law 1998. However, the publicly searchable JFSC registers (via the "Registry entities" search on the JFSC website) only show:
1. "Registered persons" or entities regulated under the main financial services legislation (e.g., trust company business, investment business, banking, funds, etc.) and
2. VASPs, which are highlighted for specific international reasons like the FATF Travel Rule.
3. Many pure "AML-only"(schedule 2) supervised persons (e.g., lawyers, estate agents, accountants, sole-trader directors, or certain lending/private trust entities that aren't otherwise regulated) are not listed publicly. They register via the myJFSC portal and are supervised by the JFSC for AML/CFT/CPF compliance, but their details aren't visible in the same public searches.
4. This has been a known point of discussion in industry briefings. The JFSC held a public consultation (December 2025–30 January 2026) on proposed updates to its Article 36 Guidelines (on the interpretation of Schedule 2).
5. One key proposal was to publish basic information (name and registered activity) for all Schedule 2 supervised persons on the JFSC website to improve transparency and address public/industry queries. Feedback is due by 1 April 2026, with related handbook/guideline updates expected around April–May 2026. As of now (March 2026), this change has not yet been implemented.

PART 1 CONCLUSION

1. The Government of Jersey’s Financial Services Competitiveness Programme and the "Time to Win" Action Plan (published March 2026) aim to reduce regulatory costs and complexity, deliver proportionate risk-based oversight, embrace digitisation and innovation, protect the simple and stable tax regime, and position Jersey as an agile IFC.
2. The plan includes targeted "quick-win" measures to drive growth while upholding high standards. Competitiveness depends on reputation, positive mutual evaluations, confidence in correspondent banking relationships, and clear alignment with FATF and global standards. Peer IFCs like the UK FCA and Singapore MAS issue positive approvals and maintain transparent registers, fostering greater trust.
3. Therefore, I hope the consultation possibly determines that the JFSC should publish basic information (name and registered activity) for all Schedule 2 supervised persons on the JFSC website to improve transparency and address public/industry queries. Feedback is due by 1 April 2026, and a move is made to:-
1. Enhancing the "no objection" regime with positive approval language and
2. Introducing a comprehensive competence register would directly support these goals.
4. Addressing these areas would be a proactive, quick-win, reducing any potential for de-risking by international partners, strengthening mutual evaluation results, and preventing loss of business to more aligned jurisdictions.

PART 2 – Time to Win: An Opportunity to Strengthen Jersey's Senior Appointments Regime and Transparency

INTRODUCTION TO PART 2

1. Part 2 builds on Part 1 by defining senior appointments (principal/key persons like directors, compliance officers, MLROs/MLCOs) and noting that the JFSC already performs substantive positive vetting via Personal Questionnaires and fitness assessments. However, the regime uses "no objection" framing (negative clearance) rather than explicit positive confirmation of suitability.
2. It critiques limited public disclosure: only a narrow, firm-supplied list from 2009 covers certain investment-business roles (no independent verification, excludes AML roles and other sectors), far short of peers like the UK FCA's Senior Managers & Certification Regime or Singapore MAS. The section argues that fixes are feasible and low-burden via JFSC's existing powers (Codes, Notices, Guidance), building on 2009 precedent without primary legislation.
3. Benefits include stronger FATF alignment, better AML outcomes, transparency for stakeholders, faster cross-border cooperation, improved platform access (e.g., Apple), and direct support for "Time to Win" via agile, proportionate regulation. No major barriers exist, as changes are operational/policy-based.
4. The conclusion presents a choice: evolve to positive approvals and a comprehensive competence register to close gaps, enhance credibility, and secure Jersey's IFC prosperity.

DEFINING SENIOR APPOINTMENTS

1. In Jersey, senior appointments are those defined in law as principal persons (e.g., directors, controllers, and managers), key persons (e.g., compliance officers, Money Laundering Compliance Officers, and Money Laundering Reporting Officers), and other roles requiring regulatory consideration.
2. The JFSC already conducts substantive positive vetting through active review of Personal Questionnaires (PQs) and fitness-and-propriety assessments.
3. However, the current "no objection" framing as stated on the JFSC website is a negative clearance mechanism (i.e., the JFSC decides whether to object) rather than a proactive positive confirmation of suitability.
1. JFSC “no objection” page

CURRENT PUBLIC DISCLOSURE LIMITATIONS

1. The JFSC's only public disclosure is a limited list, established in 2009 via Guidance Note, covering certain investment-business senior managers and investment employees. This list includes names and basic designations (SM – Senior Management, IE – Investment Employee, or Both), supplied by firms without independent verification of fitness and propriety.
1. 2009 Guidance Note Current list page
2. The needs of IOSCO drove this disclosure list.
3. However, this disclosure is restricted to the investment-business sector only. It excludes all other sectors regulated by the JFSC and does not cover critical roles such as AML/CFT compliance officers. As a result, it falls far short of the authoritative, searchable public registers maintained by peers such as the UK Financial Conduct Authority (FCA) under its Senior Managers & Certification Regime or the Singapore Monetary Authority (MAS).

CAN THIS BE FIXED? FEASIBILITY AND PRECEDENT

1. Implementing these changes would be relatively straightforward and low-burden.
2. The JFSC could evolve the regime to include positive approval confirmation (building on existing substantive vetting) and introduce a modern, digital competence register using its existing powers under Codes of Practice, Notices, and Guidance, as demonstrated by the 2009 precedent of creating the investment-business list without primary legislation.
3. Such a step would
1. Strengthen FATF alignment, boost transparency for investors, counterparties, and international regulators, enhance mutual evaluation outcomes and correspondent banking confidence, improve access to global platforms, and reinforce Jersey's reputation as a high-standard IFC.
2. Directly support the "Time to Win" vision of proportionate, agile regulation that attracts and retains business.

WHY IT SHOULD BE FIXED

1. A modern, digital competence register (linked to positive approval decisions) would be low-burden, risk-based, and consistent with proportionate regulation. It would deliver:
1. Full FATF alignment through proactive vetting and enforcement;
2. Stronger AML/CFT outcomes, particularly for currently unlisted MLRO/MLCO/compliance roles;
3. Greater transparency for investors, counterparties, and regulators;
4. Faster cross-border validation and cooperation;
5. Enhanced credibility in evaluations and banking relationships;
6. Improved access to global platforms like the Apple App Store.
2. Maintaining such a register is an operational necessity under FATF for fit-and-proper enforcement, licensing integrity, supervision, and preventing unfit individuals from holding management positions.

IS THERE ANYTHING STOPPING THE FIX?

1. No primary legislation (such as amendments to the Financial Services (Jersey) Law 1998 or related laws) prohibits the JFSC from shifting to positive approval language or establishing a comprehensive competence register.
2. The current "no objection" regime is embedded in operational practices, guidance, Codes of Practice, and application processes under existing laws (e.g., fit-and-proper assessments for principal and key persons). These elements fall within the JFSC’s regulatory powers to refine through secondary measures, such as updated Codes, published Notices, or enhanced guidance, without State Assembly approval for primary changes.
3. Also, Precedent exists:  In 2009, the JFSC established a public list for investment-business senior management and employees via Guidance Note under Article 38(1)(da), using firm-supplied data.
4. This shows the JFSC can introduce public transparency mechanisms through regulatory policy alone.
5. While broader statutory expansions might eventually require legislative tweaks, the core shift to positive language and a competence register is achievable via rule amendments, policy updates, or operational enhancements, aligning perfectly with the "Time to Win" emphasis on proportionate, agile reforms without heavy legislative hurdles.

CONCLUSION - JERSEY FACES A CLEAR CHOICE

1. Jersey faces a Clear Choice: Retain the current approach or adopt positive approval language supported by a comprehensive competence register. Implementing both would fully align with FATF and other standards, close supervisory gaps, and strengthen the Island’s competitiveness under "Time to Win."
2. The Island’s prosperity as a leading IFC depends on this evolution.

SOURCES

1. JFSC Consultation on Senior Management Functions URL: https://www.jerseyfsc.org/industry/consultations/consultation-on-senior-management-functions Description: Discusses senior management functions, personal questionnaire (PQ) regime, and "no objection" requirements for certain roles.
2. JFSC Investment Business Code of Practice URL: https://www.jerseyfsc.org/industry/codes-of-practice/investment-business-code-of-practice Description: References fit and proper assessments for registered persons, principal persons, key persons, and senior management/investment employees.
3. JFSC Consultation on Senior Management Functions (PDF) URL: https://www.jerseyfsc.org/media/5467/cp-senior-management-functions-no3-2022.pdf Description: Details the personal questionnaire regime and "no objection" for senior roles (including notes on principal persons and key persons).
4. JFSC Fund Services Business Code of Practice URL: https://www.jerseyfsc.org/industry/codes-of-practice/fund-services-business-code-of-practice Description: Covers notifications, fit and proper requirements, and JFSC oversight for key persons.
5. JFSC Certified Funds Code of Practice Schedule 1 URL: https://www.jerseyfsc.org/industry/codes-of-practice/certified-funds-code-of-practice/certified-funds-code-of-practice-schedule-1 Description: Explicitly mentions the requirement for JFSC confirmation of "no objection" to individual appointments.
6. Financial Services (Jersey) Law 1998 URL: https://www.jerseylaw.je/laws/current/l_32_1998 Description: Primary legislation defining principal persons, key persons, fit and proper assessments, and registration requirements under Article 9.
7. Licensing Policy for Activities Requiring Registration under FS(J)L URL: https://www.jerseyfsc.org/industry/guidance-and-policy/licensing-policy-for-activities-that-require-registration-under-the-fsj-law-1998 Description: Policy on fit and proper assessments for applicants, principal persons, and key persons.

Government of Jersey “Time to Win” Action Plan (2026)

8. Government Launches Action Plan for Financial Services URL: https://www.gov.je/news/2026/pages/CompetitivenessProgrammeActionPlan.aspx Description: Official announcement of the "Time to Win" report and action plan (published 16 March 2026).
9. Time to Win Report (PDF) URL: https://www.gov.je/SiteCollectionDocuments/Government%20and%20administration/Time%20to%20Win%20report.pdf Description: Full report outlining the strategy for growth, reducing regulatory costs/complexity, proportionate oversight, digitisation, and positioning Jersey as an agile IFC.
10. "Time to Win" Report – Securing Jersey's Competitive IFC Edge URL: https://www.comsuregroup.com/news/time-to-win-report-securing-jerseys-competitive-ifc-edge Description: Summary and overview of the report's imperatives for competitiveness.

FATF Standards and Recommendation 15

11. FATF Guidance: Virtual Assets and Virtual Asset Service Providers URL: https://www.fatf-gafi.org/content/dam/fatf-gafi/guidance/RBA-VA-VASPs.pdf Description: Details requirements for preventing criminals from holding management functions in VASPs (INR.15).
12. FATF Public Statement – Mitigating Risks from Virtual Assets URL: https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Regulation-virtual-assets-interpretive-note.html Description: Explains the need for competent authorities to prevent criminals/associates from holding management functions.
13. FATF Updated Guidance on Virtual Assets and VASPs URL: https://www.fatf-gafi.org/content/dam/fatf-gafi/guidance/Updated-Guidance-VA-VASP.pdf Description: Clarifies licensing/registration, supervision, and preventive measures for VASPs.
14. The FATF Recommendations URL: https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Fatf-recommendations.html Description: Overview of Recommendation 15 amendments and Interpretive Note.

Apple App Store Guidelines

15. Apple App Store Review Guidelines URL: https://developer.apple.com/app-store/review/guidelines Description: Sections on business models, cryptocurrencies, financial services apps, licensing, permissions, and compliance requirements (e.g., 3.1.5 for crypto, general financial apps needing proper licensing).

Comsure

• ASK MAT: I’m a Jersey VASP, but I have discovered that I cannot use the Apple Store to operate. Help. | Comsure, Jersey https://www.comsuregroup.com/news/ask-mat-i-m-a-jersey-vasp-but-i-have-discovered-that-i-cannot-use-the-apple-store-to-operate-help/

Basel Committee's Core Principles for Effective Banking Supervision (revised in 2024), and its Broader frameworks include the Basel Committee's Corporate Governance Principles for Banks (2015, with ongoing relevance),

• Link: https://www.bis.org/bcbs/publ/d573.htm (main publication page) or direct PDF: https://www.bis.org/bcbs/publ/d573.pdf
• Link: https://www.bis.org/basel_framework/standard/BCP.htm