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Home News Jersey cash business [€15,000 >] are you AML registered with the JFSC? IF NOT, BEWARE!!!
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Jersey cash business [€15,000 >] are you AML registered with the JFSC? IF NOT, BEWARE!!!

07/10/2022

The JFSC has updated Section 14 of the Consolidated AML / CFT Handbook to include additional guidance for high-value dealers. [see links below]

For the avoidance of doubt, a HIGH-VALUE DEALER is:-

  1. Paragraph 4 of Part B of Schedule 2 to the Proceeds of Crime Law defines HIGH-VALUE dealers to comply with the requirements in the Money Laundering Order as being:
    • › Persons who, by way of business, trade in goods and receive, in respect of any
      • Transaction (whether executed in a single operation or in several operations which appear to be linked) of at least €15,000 in total.
      • Payment[s] in cash or a virtual currency of at least €15,000 in total.
    • › Payment refers to payment in or by means of
      • Cash or Virtual currency
    • › "Cash" includes but is not limited to
      • Any of the following, in any currency – notes, coins, travellers' cheques, bearer negotiable instruments
    • › "Virtual currency" means any currency which (whilst not itself being issued by, or legal tender in, any jurisdiction):
  • Digitally represents value
  • Is a unit of account
  • Functions as a medium of exchange
  • Is capable of being digitally exchanged for money in any form.

The JFSC update is designed to assist the retail industry with understanding the above and

  • Identification, assessment and mitigation of risks associated with money laundering, terrorist financing and proliferation financing, and to support the common efforts in combating financial crime.

The main changes are:

  • Additional guidance identifies what a high-value dealer is.
  • Adding case studies highlights various scenarios of money launderers' use of retail businesses.
  • Aligning the guidance wording following the law and international standards.

The updated versions of the Handbook:


A new page dedicated to retail business with guidance about financial crime related to high-value dealers will follow shortly.

https://www.jerseyfsc.org/news-and-events/updates-to-our-consolidated-amlcft-handbook/

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.  

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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.