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Jersey Sanctions Reporting obligations for financial services, lawyers, accounts, estate agencies, etc.

11/02/2022

Jersey Relevant Financial Institution* [Inc. lawyers, accounts, estate agencies] must know their financial sanctions reporting obligations

An outline of sanction obligations are:

On the Government of Jersey website, and

https://www.gov.je/government/departments/jerseyworld/pages/sanctionsfaq.aspx#anchor-5

On the Jersey Financial Services Commission's (JFSC) website.

https://www.jerseyfsc.org/industry/international-co-operation/sanctions/about-sanctions/

Reporting obligations

Financial sanctions reporting obligations are set out in Article 32 of the Sanctions and Asset-Freezing (Jersey) Law 2019 and apply to all sanctions regimes in force.

https://www.jerseylaw.je/laws/current/Pages/17.750.aspx#_Toc83290392

These obligations include requirements for a relevant financial institution* to report/inform the Minister of a sanctioned act or a suspicion of the act

  • Relevant Financial Institution* [A Jersey FI]
    • The definition of a relevant financial institution can be found in Article 1 of the Sanctions and Asset-Freezing (Jersey) Law 2019. This definition includes:
    • All financial services businesses regulated by the JFSC under regulatory laws, as specified in Part A Schedule 2 of the Proceeds of Crime (Jersey) Law 1999;
    • Certain other financial services businesses listed in Part B Schedule 2 of the Proceeds of Crime (Jersey) Law 1999;
    • A person (not being an individual) that is incorporated or constituted under the law of Jersey and carries on such financial services business in any part of the world.

The test for reporting to the Minister is as follows:

  1. A JERSEY FI:
  • Holding an account of a person,
  • Entering into dealings or an agreement with a person or
  • Being approached by or on behalf of a person, and
  1. And the JERSEY FI knows or has reasonable cause to suspect that the person:
  • Is a designated person, or;
  • Has committed an offence, and

The basis of the information or other matter on which the knowledge or reasonable cause for suspicion came to a JERSEY FI in the course of carrying on its business.

a JERSEY FI should use the Sanctions Compliance Reporting Form available from the JFSC website to report any suspected breach of financial sanctions and return the completed form to sanctions@gov.je

These reporting obligations are in addition to the obligation to report suspicious activities to the Financial Intelligence Unit.

https://www.gov.je/gazette/pages/financialsanctionsnoticesanctionscompliancereportingformnov2021.aspx

JERSEY SANCTIONS

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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.  

news disclaimer -

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.