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JERSEY new JFSC AML/CFT Handbook on the way [31ST MAY 2022] after consultation

02/02/2022

Feedback and next steps following AML/CFT Handbook consultation 31 January 2022

  1. In November 2021, the JFSC issued a consultation on proposed changes to the JFSC AML/CFT Handbooks.
  2. The deadline for feedback was 7 January 2022,

The JFSC proposals included:

  1. Merging the JFSC existing X4 handbooks into one consolidated handbook
    • [regulated financial services business, accountancy sector, legal sector and estate agents and high-value dealers
  2. Extending the scope of the AML/CFT Codes of Practice and guidance notes to cover all supervised persons
  3. A new AML/CFT Codes of Practice for electronic identification (E-ID), electronic statements/utility bills and certification of documents.

Feedback received

  1. The JFSC has now prepared a summary of the feedback received and the JFSC responses.

Revised handbook

  1. The JFSC has also published a revised version of the consolidated handbook; it includes amendments following comments from Industry and also reflects the JFSC own internal review carried out during the consultation period.
    1. https://www.jerseyfsc.org/media/5181/20220128-consolidated-handbook-published-31-jan-2022-effective-31-may-2022.pdf
  2. The JFSC continues developing a new landing page for the revised consolidated handbook on the JFSC website to assist in its use and navigation.

Transition period

  1. During the JFSC consultation, the JFSC received feedback that Industry would like more than two months to prepare for these changes. The JFSC has listened to this feedback and have extended the effective date to 31 May 2022.

Tracked change versions

  1. To help Industry prepare for these changes, the JFSC has also prepared tracked-change documents comparing each of the current AML/CFT Handbooks against the revised consolidated handbook.

Hear from Andrew Henson in our Policy team about what these changes mean.

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