COMSURE Briefing: The Importance of Including All AML Supervised Persons on a JFSC Public Register

Executive Summary

• The Jersey Financial Services Commission (JFSC) is currently consulting on amendments to the Article 36 Guidelines under the Proceeds of Crime (Jersey) Law 1999, with a focus on strengthening Jersey's anti-money laundering (AML), countering the financing of terrorism (CFT), and countering proliferation financing (CPF) regime.
• A key element of this consultation is the proposal to publish basic information, such as the name and registered activity, for all persons registered to conduct Schedule 2 business (AML supervised persons) on the JFSC's website.

THIS BRIEFING

• This briefing outlines why establishing a comprehensive public register for all such persons is not just beneficial but essential to enhancing transparency, accountability, and the overall effectiveness of Jersey's financial regulatory framework.
• The consultation closes on 30 January 2026, providing an opportunity to advocate for this measure.

Context

• Schedule 2 of the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 identifies businesses and persons subject to AML supervision by the JFSC.
• Currently, public disclosure is limited, with only virtual asset service providers (VASPs) having their details published to comply with international standards such as the FATF Travel Rule.
• The proposed expansion would extend this practice to all AML supervised persons, addressing ongoing industry inquiries and aligning with broader guideline updates aimed at clarifying registration requirements and reducing uncertainty.

Key Reasons Why a Public Register is Essential

• A public register would serve as a foundational tool for maintaining Jersey's reputation as a transparent and robust international financial centre.

Below are the primary arguments for its necessity:

1. Promoting Transparency and Accountability
1. Publishing basic details enables stakeholders, including industry professionals, clients, regulators, and the public, to easily verify whether a person or entity is registered and supervised for AML purposes.
2. This visibility is crucial in a global financial landscape where opacity can facilitate illicit activities.
3. Without a public register, unregistered or non-compliant entities could operate undetected, undermining trust in Jersey's economic system.
4. Transparency fosters accountability, ensuring supervised persons adhere to high standards and deterring potential misuse of the jurisdiction for money laundering or terrorist financing.
2. Enhancing the Effectiveness of the AML/CFT/CPF Regime.
1. A comprehensive register would strengthen Jersey's defences against financial crime by increasing the visibility of supervised entities. This aids the detection and prevention of money laundering, terrorist financing, and proliferation financing by enabling better due diligence and risk assessment.
2. For instance, professional advisers and businesses could quickly confirm compliance status, reducing the likelihood of engaging with unregulated parties.
3. This is particularly vital given Jersey's role in international finance, where robust supervision is key to maintaining economic stability and global partnerships.
3. Reducing Uncertainty and Operational Inefficiencies
1. The absence of a public register leads to frequent inquiries to the JFSC about registration status, creating administrative burdens and delays.
2. A centralised, accessible database would minimise ambiguity, streamline compliance checks, and support consistent application of regulations across sectors.
3. This clarity benefits not only regulators but also industry stakeholders, who can make informed decisions without relying on ad-hoc requests, ultimately improving efficiency in the financial ecosystem.
4. Aligning with International Standards and Best Practices.
1. Extending publication to all Schedule 2 persons would harmonise Jersey's approach with global benchmarks, such as those set by the Financial Action Task Force (FATF). The current practice of publishing VASP details already demonstrates compliance with FATF requirements (e.g., the Travel Rule for information sharing).
2. Broadening this to all AML supervised persons would position Jersey as a leader in transparency, aligning with practices in other jurisdictions like the UK and EU, where public registers for financial service providers are standard.
3. This alignment is essential to avoid regulatory gaps that could expose Jersey to international criticism or sanctions.
5. Addressing Industry Feedback and Stakeholder Needs
1. The JFSC has noted persistent requests from industry for greater visibility beyond VASPs, highlighting a gap in the current system.
2. Implementing a public register directly addresses these concerns and ensures the regime evolves with stakeholder expectations.
3. It also mitigates potential misalignments, such as privacy issues, by limiting disclosure to basic, non-sensitive information (name and activity), balancing transparency with operational practicality.

Potential Concerns and Mitigations

1. While concerns about privacy or competitive disadvantage may arise, the proposal limits publication to essential details, avoiding sensitive data like addresses or financials.
2. This targeted approach ensures benefits outweigh risks, with no indication in the consultation of significant operational burdens.

Conclusion and Recommendations

1. Including all AML supervised persons on a JFSC public register is essential to bolstering Jersey's AML/CFT/CPF framework, fostering trust, and meeting international expectations.
2. It would enhance transparency, reduce risks, and support efficient compliance, ultimately safeguarding the jurisdiction's integrity.
3. Stakeholders are encouraged to submit feedback by 30 January 2026, emphasising these points to advocate for full implementation. This measure represents a proactive step toward a more resilient and accountable financial sector.

SOURCE

https://www.linkedin.com/posts/jersey-financial-services-commission_reminder-our-consultation-on-updates-to-activity-7414584093100953600-cUWR?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAA_6EIB0wPAWyjQcuq_XiD3asUV8xpMeZ0