JFSC NEW AML/CFT/CPF HANDBOOK SECTION [Section 18] for AMLSPs and their customers

The new section 18 of the JFSC AML/CFT/CPF HANDBOOK applies only to supervised persons who are eligible to appoint an ANTI-MONEY LAUNDERING SERVICES PROVIDERS [AMLSP] per the Notice issued under Article 9A(4) of the Money Laundering (Jersey) Order 2008, as amended (Article 9A(4) Notice).

1. https://www.jerseyfsc.org/media/6430/section-18-anti-money-laundering-services-providers-and-their-customers.pdf

By way of a reminder

1. An individual or organisation which is a supervised person may fulfil its own AML/CFT/CPF obligations under

• Handbook for the prevention and detection of money laundering, the countering of terrorist financing, and the countering of proliferation financing
• (together “AML/CFT/CPF Obligations”).

2. Alternatively, it may engage the services of an AMLSP and/or outsource within its group or to a third party (an outsourcing services provider) to assist it in meeting certain AML/CFT/CPF obligations.

Outsourcing

1. Using an AMLSP will not be subject to JFSC’s Outsourcing Policy.
2. An AMLSP may provide MLRO/MLCO roles to a supervised person,
   • BUT CANNOT be outsourced within the AMLSPs wider group or to a third party.
3. The use of any other party, whether within the same group of the supervised person or not, is outsourcing and will be subject to the JFSC’s Outsourcing Policy.
   • Section 18 WILL NOT apply to such outsourcing arrangements.

JFSC Section 18

1. JFSC section 18
   • Outlines the statutory provisions concerning the AMLSP.
   • Sets out the AML/CFT Codes of Practice and provides guidance on the obligations of an AMLSP and how an AMLSP might assist an AMLSP Direct Customer in fulfilling its AML/CFT/CPF Obligations.
2. The AMLSP Direct Customer will use the AMLSP to enable it to meet most of its AML/CFT/CPF obligations.

Who is the customer

1. Where a supervised person engages the services of an AMLSP, they shall be a direct customer of that AMLSP (an AMLSP Direct Customer).

Responsibility for activities

1. The AMLSP Direct Customer is responsible for the activities undertaken in its name.
2. This will include the requirement to determine that the AMLSP has in place good systems and controls (including policies and procedures) and that those systems and controls (including policies and procedures) are kept up to date to reflect changes in requirements.

Read the rules

1. https://www.jerseyfsc.org/media/6430/section-18-anti-money-laundering-services-providers-and-their-customers.pdf