Updates to the AML / CFT Handbook for regulated financial services businesses
14/02/2020
We have updated the AML / CFT Handbook for regulated financial services businesses to reflect the legislative changes implemented by the Money Laundering (Amendment No. 11) (Jersey) Order 2019 (amendment no. 11) which came into force today (12 February 2020).
Amendment No. 11 makes miscellaneous improvements to the drafting and layout of provisions in the Money Laundering (Jersey) Order 2008 (MLO), including replacing Articles 16 and 16A.
The improvements are intended to add clarity and help with interpretation, without changing the effect of the provisions. These changes are not intended to change your obligations or practices but will hopefully make it slightly easier for you to interpret the requirements of the MLO.
It also corrects some cross-references and removes the Suspicious Activity Report (SAR) Form from the Schedule to the MLO. The SAR Form will instead be in a format "approved by the Minister". In practice, you will still need to use the form available on the Joint Financial Crimes Unit portal.
Updates to the AML / CFT Handbooks for the legal sector, the accountancy sector and for estate agents and high value dealers will follow shortly.
AML / CFT Handbook for regulated financial services businesses
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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.