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JFSC publish new guidance notes and Codes of Practice consultation for the AML/CFT Handbook

31/10/2022

Further to the JFSC's Industry update on 13 October, The JFSC have now published a consultation seeking feedback on further enhancement and clarification carried out on the Anti-money Laundering and Counter-terrorist Financing (AML/CFT) Handbook.

The JFSC are proposing to add a range of new and expanded guidance notes across the Handbook.

The JFSC are also proposing several new AML/CFT Codes of Practice, spread across five sections of the Handbook.

These changes aim to:

  • provide further clarity and guidance to Industry and
  • demonstrate compliance with the Financial Action Task Force (FATF) Recommendations and Immediate Outcomes.

The JFSC also stated that we would be adding some diagrams to assist in explaining certain concepts within the Handbook. These will now be published separately (expected November 2022) and are not subject to this consultation.

The JFSC invites feedback on the proposed changes by close of business 13 January 2023. If possible, The JFSC have asked, if possible to provide feedback earlier.

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. It is currently the JFSC's intention that all changes related to both pieces of work will become effective in July 2023.

You can complete the questionnaire linked in the consultation paper, respond directly to the JFSC via CPHandbook@jerseyfsc.org or provide your responses to Jersey Finance Limited.

Consultation on proposals regarding further enhancements to the AML/CFT Handbook No 12

Full link - https://www.jerseyfsc.org/news-and-events/new-guidance-notes-and-codes-of-practice-proposed-for-the-amlcft-handbook/

JERSEY