WHAT CAN AN AML SERVICE PROVIDER DO FOR ME?
26/05/2023
The concept of an AML Service Provider (AMLSP) has been introduced as a mechanism to support those now required to register under the new regime, particularly where they are already administered by a regulated Jersey trust or fund services business.
AMLSPs can apply for registration on behalf of their customers and employees of the AMLSP can be appointed to act as MLRO and MLCO for registrable entities.
An entity is eligible to appoint an AMLSP if:
- It is not itself a regulated person carrying on a regulated business; and
- It has no established place of business in Jersey (other than through a regulated Jersey trust or fund services provider).
An entity is eligible to act as an AMLSP if:
- It is registered to conduct the relevant classes of trust company business (i.e. G, H, L, OA and OB) and/or fund services business (i.e. U, V, ZG, ZH, ZI and ZJ); and
- It is not a managed entity, a managed trust company or a natural person.
Sources
- Guidance for AMLSP workbooks https://www.jerseyfsc.org/media/6441/guidance-for-amlsp-workbooks.pdf
- AMLSP key person application https://www.jerseyfsc.org/media/6428/amlsp-key-person-application-workbook.xlsx
- AMLSP appointment to relevant person workbook https://www.jerseyfsc.org/media/6429/amlsp-appointment-to-relevant-person-workbook.xlsx
- Guidelines on interpretation of - Article 36 of the proceeds of crime(Jersey)Law 1999 (January 2023) https://www.jerseyfsc.org/media/6448/guidelines-on-interpretation-of-article-36.pdf
- Notice issued under Article 9A (4) of the Money Laundering (Jersey) Order 2008 (April 2023) https://www.jerseyfsc.org/media/6604/9a-4-notice.pdf
- Notice issued under Article 10 of the Money Laundering Jersey Order (January 2023) https://www.jerseyfsc.org/media/6435/amlsp-article-10-notice.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.