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Changes to JERSEYS AML/CFT/CPF Handbook - Feedback by 29 August 2023

19/08/2023

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
READ MORE

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.

Source

JERSEY

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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.  

news disclaimer -

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.