Jersey AML SUPERVISED BUSINESS are also 1] REGISTERED PERSON 2] REGULATED PERSON 3] PRESCRIBED NPOs 4] SCHEDULE 2 BUSINESS
Proceeds of Crime (Supervisory Bodies) (Supervised Business – Amendment) (Jersey) Regulations 2023 [AMEND REGS] came into force on 8 February 2023.
These AMEND REGS amend the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008
Further the AMEND REGS have brought about changes to the classification of types of businesses that fall in the JFSC net of AML supervised business, that includes:-.
- Supervised business
- Registered person
- Regulated person.
- Prescribed NPO
- Schedule 2 Business
These changes are brought about following the RECASTING of the PROCEEDS OF CRIME (JERSEY) LAW 1999 [POC] “SCHEDULE 2”.
To see how these classification types came about follow the law extracts below.
AMEND REGS - Article 1 (interpretation) amended.
In Article 1(1) (interpretation) –
(a) …….for “SCHEDULE 2 BUSINESS” there is substituted “SUPERVISED BUSINESS” –
(b) ……“SUPERVISED BUSINESS” means –
- Schedule 2 business; and
- Business carried on by a prescribed NPO;”.
And in the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 we are told
“SUPERVISED PERSON” means a
- REGISTERED PERSON, means a deemed registered person or a person who is registered under Article 14;
- A REGULATED PERSON means a person who carries on a REGULATED BUSINESS.
- “REGULATED BUSINESS” means –
- (a) A Fund business within the meaning of the Collective Investment Funds (Jersey) Law 1988 and either a:-,
- Recognized fund, or
- Unclassified fund
- (b) A Schedule 2 business for which a person must –
- (i) Be registered under the Banking Business (Jersey) Law 1991,
- (ii) Hold a permit under the Collective Investment Funds (Jersey) Law 1988,
- (iii) Be registered under the Financial Services (Jersey) Law 1998, or
- (iv) Be authorized by a permit under the Insurance Business (Jersey) Law 1996;
- PRESCRIBED NPO –
- “Prescribed NPO” means an NPO prescribed, or that belongs to a class of NPOs prescribed, in an Order under Article 13A of that Law;
- “NPO” means a non-profit organization, as defined in Article 1 of the Non-Profit Organizations (Jersey) Law 2008;
- “SCHEDULE 2 BUSINESS” means.
- A business described in Schedule 2 to the Proceeds of Crime (Jersey) Law 1999
- Except a business described in Part 5 of that Schedule [NAMELY  Express trusts]
- PROCEEDS OF CRIME (SUPERVISORY BODIES) (SUPERVISED BUSINESS – AMENDMENT) (JERSEY) REGULATIONS 2023
- Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008
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