JFSC AML GUIDE ON non-Jersey entities and all individuals
19/09/2023
The JFSC has published helpful new guidance on the territorial scope of Schedule 2 activities under the Proceeds of Crime (Jersey) Law 1999
see the link here:
https://lnkd.in/epy4HJNb
For non-Jersey entities and all individuals, the territorial scope of this legislation depends on
- Whether the activities are carried on 'in or from within Jersey.'
The guidance explains how this term applies in the context of AML legislation.
The guidance is helpful for individuals and businesses based outside Jersey by confirming that they will not be required to register solely because they provide services to customers in Jersey or visit Jersey occasionally for business purposes.
In particular, this will be welcome news for:
- Directors of Jersey (and other) companies and trustees who are residents outside Jersey but visit Jersey occasionally to attend board/trustee meetings;
- Investment advisors who are based outside Jersey and provide advice that clients in Jersey receive;
- Investment managers/dealers who are based outside Jersey, but market their services to clients in Jersey.
Warning:-
This guidance does not affect the existing prudential/conduct of business regulations in relation to overseas persons/businesses, nor does it affect the existing Control of Housing and Work requirements to obtain a business licence to operate in Jersey.
https://www.jerseyfsc.org/media/7043/guidance-on-interpretation-of-in-or-from-within-jersey-for-the-purposes-of-proceeds-of-crime-supervisory-bodies-jersey-law-2008.pdf
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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.