JFSC amends its 2022/2023 AML/CFT/CPF Handbook
On 23 December 2022, the JFSC published Amendments to the AML/CFT Handbook to show additions as follows:-
- PROLIFERATION FINANCING,
- EXPLANATORY GRAPHICS [BRA/3 tier test/reliance/SARS]
- AMENDMENTS REGARDING DIGITAL ID SYSTEMS
- HANDBOOK AMENDMENT TO REFLECT THE LIMITED LIABILITY COMPANIES (JERSEY) LAW 2018
FURTHER DETAILS ON THE ABOVE ARE BELOW
Countering proliferation financing is now clearly referenced in the AML/CFT/CPF Handbook
- Jersey must comply with a range of recommendations by the Financial Action Task Force (FATF). These recommendations cover money laundering, the financing of terrorism, and the financing of the proliferation of weapons of mass destruction.
- To better reflect Jersey's obligations, the JFSC has updated the full AML/CFT Handbook to make explicit reference to countering proliferation financing (CPF) whenever relevant.
- The JFSC has also added a new Section 8.8, guiding the reporting obligations set out in the Sanctions and Asset-Freezing (Jersey) Law 2019.
- Updates to the Glossary reflect the abovementioned changes.
- The Handbook is now the AML/CFT/CPF Handbook.
To make the Handbook easier to use, the JFSC has added five new graphics to explain certain further areas covered in the document:
- Section 2.3.1 – Example of how risk might be calculated in a Business Risk Assessment (BRA) and an Example of a BRA
- Section 4.5.1 – Flowchart for the three-tier test (can also be applied to Sections 4.4.1, 4.4.3, 4.5.3 and 4.5.5 where the person being identified is not a natural person)
- Section 5.1 – Comparison of reliance arrangements which are acceptable and those which are not
- Section 8.2.3 – Difference between terms' knowledge', 'suspicion' and 'reasonable grounds for suspicion in the context of suspicious activity reporting
SECTION 4 AMENDMENTS REGARDING DIGITAL ID SYSTEMS
- On 30 November, the JFSC and the Government of Jersey published feedback on the 2022 consultation relating to the adoption of Digital ID Systems by supervised persons.
- Part of this feedback committed us to update the AML/CFT/CPF Handbook taking into account some practical considerations and amendments to help supervised persons in the short term.
- These quick changes have now been completed, and amended guidance is now available in sections
- 4.5, and
- Further work will be underway throughout 2023 to make additional revisions to Section 4 of the AML/CFT/CPF Handbook following this feedback.
UPDATES FOLLOWING CHANGES TO THE MONEY LAUNDERING ORDER
- On 1 September 2022, the Limited Liability Companies (Jersey) Law 2018 came into force alongside two regulations.
- This law required consequential amendments to a range of other Jersey legislation, including the Money Laundering (Jersey) Order 2008.
- See Jersey's industry update on 1 September for more information.
- A Jersey, a limited liability company, has a separate legal personality but is not a corporate body.
- To reflect these amendments, the JFSC has changed Sections 3, 4, 7, and 13.
- These changes are purely administrative.
- They do not add or amend any AML/CFT Codes of Practice.
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