Amendment to Schedule 2 Business Activities from 30 January 2023 – the laws, rules and guides
- Introduction to the Jersey amendments to Schedule 2 Activities
- The Proceeds of Crime (Jersey) Law 1999 (the Proceeds of Crime Law) has changed following the Proceeds of Crime (Amendment No.6) (Jersey) Law 2022 (the Amendment) that came into force on 30 January 2023.
- The Amendment recasts Schedule 2 [the Proceeds of Crime Law] so that activities and operations subject to AML/CFT/CPF obligations align with the definitions within the Financial Action Task Force Standards
- The above effect is the removal of all previous scope exemptions from AM/CFT/CPF obligations and exemptions from registration.
- As a result, the business activities set out in Schedule 2 are widened to include activities not previously within scope.
- The JFSC website now caters for:-
- Financial Institutions(FIs),
- Designated Non-Financial Businesses and Professions(DNFBP) and
- Virtual Asset Service Providers(VASPs).
What action is required now?
- The Amendment may impact both entities in and out of the scope of the pre-Amendment Schedule 2.
- Industry must consider the guidance "What Action Required now Schedule 2 amended",
- The guide includes details of the forms that need to completing and how the transitional period
- If you were undertaking a Schedule 2 activity before the Amendment on 30 January 2023, the following document might assist you in reviewing the activities in the amended Schedule 2:
Do you need to complete the AMLSP Workbooks to become an Anti-Money Laundering Services Provider (AMLSP)?
- If you are a Trust Company Business and/or a Fund Services Business that wishes to provide services as an AMSLP, you must complete the relevant workbooks that are here:-
- Work continues through the transitional period with the relevant agencies, such as FIU, regarding SAR reporting to implement the appropriate changes/amendments
Further information on Financial Crime - Schedule 2 Business
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