MLRO thoughts about the Tipping Off – Exceptions Jersey Regulations
03/01/2025
The Proceeds of Crime and Terrorism (Tipping Off – Exceptions) (Jersey) Regulations 2014 outline several circumstances under which information can be shared without committing an offence. These include:
- Protected disclosures: General disclosures that are protected under the regulations
- Internal disclosures: Disclosures made within the same organisation
- Disclosures within a financial group: Sharing information within the same financial group
- Disclosures between relevant persons: Information shared between individuals who are considered relevant persons under the regulations
- Disclosures to supervisory bodies: Information shared with supervisory or regulatory bodies
- Disclosures by Money Laundering Reporting Officers (MLROs): Specific disclosures made by MLROs.
A firm might use the Proceeds of Crime and Terrorism (Tipping Off – Exceptions) Regulations 2014 for several reasons:
- Strengthening Defences: The regulations allow firms to share information that can help strengthen their defences against money laundering and the financing of terrorism. By sharing relevant information, firms can better identify and mitigate risks.
- Legal Protection: The regulations provide legal protection for certain disclosures, ensuring that firms and their employees can share necessary information without fear of committing an offence
- Enhanced Collaboration: Sharing information within the same financial group or with other regulated firms can enhance collaboration and resource pooling, leading to more effective detection and prevention of financial crimes
- Regulatory Compliance: By adhering to these regulations, firms ensure they are compliant with legal requirements, which can help avoid penalties and maintain their reputation
- Improved Client Understanding: Sharing information about common clients within the firm or with other regulated entities can lead to a better understanding of client activities, helping firms protect themselves and provide more accurate reports to regulatory bodies
Source:
- Proceeds of Crime and Terrorism (Tipping Off – Exceptions) (Jersey .... https://www.jerseylaw.je/laws/current/PDFs/RO_101_2014.pdf.
- https://www.comsuregroup.com/news/jersey-briefing-some-thoughts-about-sars-and-tipping-off-exceptions-in-jersey/
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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.