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Jersey CDD exceptions fall away after FATF issues grey list rating


In Jersey, you cannot apply for the legal CDD exemptions [MLJO Articles 17 B-D & 18] if your clients are on the FATF BLACK/GREY list,

For example, If you have clients resident in Nigeria or South Africa [see update below]

  1. CDD Exemptions under Articles 17 B-D & 18 of the Money Laundering Order DO NOT apply where
    • The customer is resident in a country that is not compliant with the FATF recommendations[GREY LIST]
    • The customer is a person in respect of whom Article 15(1)(c) applies (an “enhanced risk state”[BLACK LIST]
  2. AML/CFT/CPF Codes of Practice [Pg. 172 – 146]
    • The concession must not be applied in the following circumstances:
      1. Where the customer is resident in a country or territory that is not compliant with the FATF Recommendations.
Please note

THE JFSC has published updated versions of Appendix D2 of the AML/CFT/CPF Handbook to consider the latest Financial Action Task Force (FATF) statements of 24 February 2023.

The following are the highlights from FATF on 24 February 2023.

  • Grey list update - Jurisdictions under Increased Monitoring - 24 February 2023


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