Jersey update for Directors on anti-money laundering and countering the financing of terrorism
On 03 August 2023, the Government, in consultation with the Jersey Financial Services Commission (JFSC), decided to make further legislative changes as part of the ongoing supervisory implementation of the Proceeds of Crime (Amendment No. 6) (Jersey) Law 2022 (“Amendment No. 6”). This news follows the extension of the registration deadline for Directors from 30 June to 30 September 2023.
The Assistant Chief Minister responsible for Financial Services, Deputy Elaine Millar,
- Intends to make an Order concerning the ongoing obligations of Directors (acting outside of employment) required to register as a Schedule 2 business.
The Order will disapply certain AML/CFT obligations as not relevant to persons acting as Directors (acting outside of employment) and will apply for 12 months
- Will clarify specific ongoing anti-money laundering and counter the financing of terrorism requirements (AML/CFT) and support the industry with efficient implementation.
- Are designed to ensure the regime is implemented proportionately, effectively, and risk-based whilst adhering to international standards.
- The requirements to undertake risk assessments,
- Maintain policies and procedures, and
- Appoint a money-laundering reporting officer and a separate money-laundering compliance officer.
This Order will be effective on 30 September 2023, the day before the regime comes into force for Directors.
Please note this update will not apply to Directors already registered under the Financial Services (Jersey) Law 1998.
- The Government is currently consulting with the JFSC on whether further amendments are required to the AML/CFT regime concerning Private Trust Companies to implement Amendment No. 6 effectively.
- Further information on this will be made available in early August 2023.
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