Don’t be fooled – Jersey Sch 2 directors must still do CDD on 1st Oct 2023 and thereafter!![CDD = ID&V, profile, and risk assessment]
20/09/2023
Recent changes to the Money Laundering (Jersey) Order mean that certain articles [Articles 7, 8, 9, 9A, 10, 11, 11A and 12] of the law no longer apply to sole trader Schedule 2 directors until 30 September 2024.
But as shown below [JFSC appendix A], the JFSC aide memoir reminds all Sch 2 directors that CDD is required – CDD is in article 3 of the order, as follows.
- The order is here = https://www.jerseylaw.je/laws/current/PDFs/08.780.30.pdf
As well as CDD, the following AML/CFT/CPF MLJO obligations are still needed:-
✅ Record-keeping requirements
✅ Suspicious activity reporting
✅ Sanctions breach reporting
✅ Awareness of obligations
Also, the JFSC has yet to indicate what parts of its AML CODE/GUIDE are not required to be followed.
To check what CDD means in Article 3 – look at the following aide memoir, which includes ID&V, profile, and risk assessment.
SOURCE – latest version of the above is here = https://www.jerseyfsc.org/media/7018/handbook-section-3-clean.pdf
Source
THE AMENDMENT
Source
https://www.jerseylaw.je/laws/enacted/Pages/RO-070-2023.aspx
12 MONTHS CARVE OUT
Source
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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.