Jersey update for Directors on anti-money laundering and countering the financing of terrorism
04/08/2023
On 03 August 2023, the Government, in consultation with the Jersey Financial Services Commission (JFSC), decided to make further legislative changes as part of the ongoing supervisory implementation of the Proceeds of Crime (Amendment No. 6) (Jersey) Law 2022 (“Amendment No. 6”). This news follows the extension of the registration deadline for Directors from 30 June to 30 September 2023.
The Assistant Chief Minister responsible for Financial Services, Deputy Elaine Millar,
- Intends to make an Order concerning the ongoing obligations of Directors (acting outside of employment) required to register as a Schedule 2 business.
The Order will disapply certain AML/CFT obligations as not relevant to persons acting as Directors (acting outside of employment) and will apply for 12 months
The changes
- Will clarify specific ongoing anti-money laundering and counter the financing of terrorism requirements (AML/CFT) and support the industry with efficient implementation.
- Are designed to ensure the regime is implemented proportionately, effectively, and risk-based whilst adhering to international standards.
Examples include
- The requirements to undertake risk assessments,
- Maintain policies and procedures, and
- Appoint a money-laundering reporting officer and a separate money-laundering compliance officer.
This Order will be effective on 30 September 2023, the day before the regime comes into force for Directors.
Please note this update will not apply to Directors already registered under the Financial Services (Jersey) Law 1998.
Also
- The Government is currently consulting with the JFSC on whether further amendments are required to the AML/CFT regime concerning Private Trust Companies to implement Amendment No. 6 effectively.
- Further information on this will be made available in early August 2023.
More details are on the Government’s News and resources on financial crime (gov.je). https://www.gov.je/industry/finance/financialcrime/pages/news.aspx
Source
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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.