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Jersey’s AML Handbook to be updated and is out for consultation now [closes 13 January – live July 2023]


There is a lot to unpack but the headline is that there is more, more, more:

  1. On understanding and documenting the purpose of a customer relationship
  2. On the nature and purpose of a customer’s business activities
  3. On sanctions screening AND monitoring effectiveness of sanctions controls
  4. Data to be reported in SAR forms, SAR registers and separate registers for Continuation Reports
  5. Background checks on employees (for Investment Business)
  6. Recordkeeping
  7. Specific Business Risk Assessments
  8. Authority for the JFSC in enforcing supervisory risk data questionnaire responses (this wasn’t previously defined!)
  9. Categories of higher risk businesses added (for Accountants to consider)
  10. Documentary evidence to be obtained on source of funds (for clients of Lawyers)

Deadline for providing feedback is 13 January –

It is currently the JFSC's intention that all changes will become effective in July 2023

The consultation is here

Finalised changes to the Handbook arising from this consultation will be amalgamated with those from the recent follow-on consultation on AML/CFT scope exemptions.