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JFSC AML GUIDE ON non-Jersey entities and all individuals


The JFSC has published helpful new guidance on the territorial scope of Schedule 2 activities under the Proceeds of Crime (Jersey) Law 1999
see the link here:

For non-Jersey entities and all individuals, the territorial scope of this legislation depends on

- Whether the activities are carried on 'in or from within Jersey.'

The guidance explains how this term applies in the context of AML legislation.
The guidance is helpful for individuals and businesses based outside Jersey by confirming that they will not be required to register solely because they provide services to customers in Jersey or visit Jersey occasionally for business purposes.

In particular, this will be welcome news for:
- Directors of Jersey (and other) companies and trustees who are residents outside Jersey but visit Jersey occasionally to attend board/trustee meetings;

- Investment advisors who are based outside Jersey and provide advice that clients in Jersey receive;

- Investment managers/dealers who are based outside Jersey, but market their services to clients in Jersey.

This guidance does not affect the existing prudential/conduct of business regulations in relation to overseas persons/businesses, nor does it affect the existing Control of Housing and Work requirements to obtain a business licence to operate in Jersey.


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