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JFSC 2025 TRACK CHANGES TO AML/CFT/CPF handbook + GIMB Code of Practice [29/01/25]

29/01/2025

The JFSC has published a consultation paper on enhancing criminal background checks for principals and key persons.[SEE DETAILS BELOW]

The consequence of these changes is shown in the following change documents

  • AML/CFT/CPF handbook
  • GIMB Code of Practice

See tracked changes version of

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JFSC Consult on enhancements to criminal background checks for principal and key persons [29/01/25]

The JFSC has published a consultation paper on enhancing criminal background checks for principals and key persons.

  • Submit your feedback by 11:59pm on Wednesday, 26 March 2025, through:
  • A feedback paper for this consultation will be published on Wednesday, 7 May 2025.

The proposals in this consultation paper

  • Seek to strengthen the current regulatory regime to prevent criminals and their associates from owning, controlling or being in a position of key influence in a Jersey-supervised person to meet international AML/CFT/CPF requirements.
  • Aim to achieve this proportionately and cost-efficiently so that it does not adversely impact the competitiveness and attractiveness of Jersey as a place to do business.

Please note

  • It is not currently intended that non-profit organisations (NPO) will be subject to the proposals in the consultation paper.
  • The JFSC has taken this approach to align with the Financial Action Task Force Recommendation 8 requirements that state countries should apply proportionate measures to oversee NPOs.  

The JFSC consultation paper outlines: 

  • Why the JFSC are consulting 
  • The introduction of the requirement to provide criminal record certificates  
  • What level of criminal record checks will be required 
  • How to obtain a criminal record checks 
  • When a principal or key person would have to submit criminal record checks  
  • Related amendments to supervised persons' obligations in the AML/CFT/CPF handbook and the General Insurance Mediation Business Codes of Practice 
  • Requisite changes to myProfile and myJFSC and relevant forms 
  • The proposed timeframe for the introduction of the proposed regime 
  • Ancillary changes to the annual supervisory risk data collection 

Read the full consultation paper: consultation on enhancements to criminal background checks. 

Next steps 

Submit your feedback by 11:59pm on Wednesday, 26 March 2025 through: 

All responses to this consultation through the form, JFL or industry bodies and associations will be considered.  

A feedback paper for this consultation will be published on Wednesday, 7 May 2025.

Join the JFSC drop-in sessions. 

Meetings with industry bodies and associations

  • The JFSC have also offered each of the relevant industry bodies and associations the opportunity for members of the JFSC team to attend one of their meetings during the consultation period to enable discussions and answer any questions on the consultation paper. 

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.  

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.