Changes to JERSEYS AML/CFT/CPF Handbook - Feedback by 29 August 2023
Consultation on JERSEYS AML/CFT/CPF Handbook changes - Feedback is required by 29 August 2023….!!!!!
The principal changes are as follows:-
- New Code of Practice - reflects the ability to declassify PEPs & associates after relevant periods, provided risk assessment shows no longer high risk (5 years for foreign PEP/prominent person & 2 years for domestic PEP)
- Definition updated - 'prominent person' includes an immediate family member or close associate of the person
- Definition added - 'prominent public function' concerning international organisation means a member of the senior management
- Removal of guidance - prominent public function in Jersey may be considered to be a lower risk unless other specific factors indicate a higher risk
- New guidance - to consider the risk of CDD provided by the third party
- New guidance - a digital ID system that complies with FATF Guidance is a reliable source for verification
- Correspondent banking & similar relationships
- New guidance & definitions - concerning financial institutions & VASPs
- Wire transfers
- New guidance & definitions - to reflect Wire Transfer Regulations
- Definitions updated - 'JFCU', 'police officer', 'customs officer' etc., replaced with 'FIU'
- Changes made to legislation need to be reflected
- Enhancements to existing content to provide clarity & guidance
- Better demonstration of compliance with international standards
JFSC more enhancements to the AML/CFT/CPF Handbook 11 DAYS OF CONSULTATION!!!
The JFSC has published a consultation seeking feedback on further improvements to the AML/CFT/CPF Handbook (the Handbook).
The Consultation on proposals regarding further enhancements to the AML/CFT Handbook
Feedback is required by close of business on 29 August 2023 [11 days from this announcement].
The JFSC is proposing
- To add new and expanded guidance notes across the Handbook.
- One new AML/CFT/CPF Code of Practice.
The proposed changes include but are not limited to:
- New Code of Practice and guidance in respect of declassification of Politically Exposed Persons (PEPs)
- New guidance about correspondent banking and similar relationships with Virtual Asset Providers (VASPs)
- Expanded guidance concerning suspicious activity reporting by Non-Profit Organisations (NPOs)
- Housekeeping matters following the coming into effect of the Proceeds of Crime (Financial Intelligence) (Amendment) (Jersey) Regulations 2022
The impacted sections 2, 3, 4, 6-13, 15-17, and the Glossary.
Warning – THE JFSC ARE HAVING ISSUES WITH THE PARAGRAPHING NUMBERING IN CERTAIN SECTIONS OF THE TRACKED VERSION, AND THEY ARE WORKING TO AMEND THIS.
Tracked-change versions of each Handbook section we are proposing to amend.
- Glossary = https://www.jerseyfsc.org/media/6879/glossary.pdf
- Section 2 = https://www.jerseyfsc.org/media/6880/section-2-corporate-governance-track-changes-1-september-2023.pdf
- Section 3 = https://www.jerseyfsc.org/media/6881/section-3-identification-measures-overview-tracked-changes-1-september-2023.pdf
- Section 4 = https://www.jerseyfsc.org/media/6882/section-4-identification-measures-finding-outt-identity-track-changes-1-september-2023.pdf
- Section 6 = https://www.jerseyfsc.org/media/6883/section-6-ongoing-monitoring-scrutiny-of-transactions-and-activity-tracked-changes-1-september-2023.pdf
- Section 7 = https://www.jerseyfsc.org/media/6884/section-7-enhanced-and-simplified-cdd-measures-and-exemptions-from-cdd-requirements-tracked-changes-1-september-2023.pdf
- Section 8 = https://www.jerseyfsc.org/media/6885/section-8-reporting-money-laundering-the-financing-of-terrorism-or-proliferation-and-sanctions-rerporting-obligations-track-changes-1-september-2023.pdf
- Section 9 = https://www.jerseyfsc.org/media/6886/section-9-screening-awareness-and-training-track-changes-1-september-2023.pdf
- Section 10 = https://www.jerseyfsc.org/media/6887/section-10-record-keeping-track-changes-1-september-2023.pdf
- Section 11 = https://www.jerseyfsc.org/media/6888/section-11-wire-transfers-track-changes-1-september-2023.pdf
- Section 12 = https://www.jerseyfsc.org/media/6889/section-12-trust-and-company-service-providers-tracked-changes-1-september-2023.pdf
- Section 13 = https://www.jerseyfsc.org/media/6890/section-13-fund-and-secutity-services-and-activities-tracked-changes-1-september-2023.pdf
- Section 15 = https://www.jerseyfsc.org/media/6893/section-15-lawyers-tracked-changes-1-september-2023.pdf
- Section 16 = https://www.jerseyfsc.org/media/6892/sections-16-accountants-tracked-changes-1-september-2023.pdf
- Section 17 https://www.jerseyfsc.org/media/6891/section-17-prescribed-non-profit-organisations-tracked-changes-1-september-2023.pdf
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