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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:-

  1. PEPs
    • 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
  2. CDD
    • 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
  3. Correspondent banking & similar relationships
    • New guidance & definitions - concerning financial institutions & VASPs
  4. Wire transfers
    • New guidance & definitions - to reflect Wire Transfer Regulations
  5. FIU
    • Definitions updated - 'JFCU', 'police officer', 'customs officer' etc., replaced with 'FIU'
  6. Why?
    • 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.


Tracked-change versions of each Handbook section we are proposing to amend.



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