JERSEY virtual asset service provider regulatory amendments [AKA- JERSEY TRAVEL RULE]
17/09/2023
New virtual asset service provider or a money or value transfer service provider, “TRAVEL RULE” regulations were approved in July 2023. They came into force on 1st September 2023 following a public consultation, introducing a ‘travel rule’ for businesses undertaking the transfer of digital assets – Virtual Asset Service Providers (VASPs) and Money or Value Transfer Services (MVTS).
Under the new rules, which align Jersey’s anti-money laundering and financial crime framework with FATF requirements, the accurate details of both senders and recipients must be obtained and disclosed to counterpart VASPs or financial institutions when transfers are made.
The full approved amendments are on the Jersey Legal Information Board website. https://www.jerseylaw.je/laws/enacted/Pages/RO-062-2023.aspx
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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.