JFSC Updates AML Handbook Section 2.6 on MLCO – Changes Now Live, Further Updates Due 31 Oct 2026

The Jersey Financial Services Commission (JFSC) has updated Section 2.6 of the AML/CFT/CPF Handbook to reflect recent amendments to the Money Laundering (Jersey) Order 2008. The changes, which took effect immediately on 30 June 2026, focus on the role and responsibilities of the Money Laundering Compliance Officer (MLCO).

A tracked-changes version of the revised section was published in advance to help firms prepare. The live Handbook has now been updated, and the JFSC’s regulatory chatbot, Reggie, has also been refreshed to reflect the new requirements.

Key changes effective 30 June 2026

The updates align the Handbook with the Money Laundering (Jersey) Amendment Order 2026 and include:

• The MLCO must now be appointed at senior management level (previously an “appropriate level of seniority”).
• A shift in language from the MLCO’s “function” to its responsibilities.
• Explicit permission for the MLCO to be assisted by others when fulfilling those responsibilities.
• Introduction of a risk-based exception: the obligation to appoint an MLCO does not apply where, based on the size of the business and its money laundering risk, such an appointment is considered inappropriate — with the determination to be made by reference to the relevant Code of Practice.
• Expanded scope to explicitly cover proliferation financing alongside money laundering and terrorist financing.
• New and enhanced Codes of Practice (COP18–COP22) covering independence requirements, direct reporting to the board, sufficient resources (including a deputy), experience, temporary cover arrangements, and considerations when one individual holds both the MLCO and MLRO roles.

The section has been reorganised for greater clarity, with renumbered paragraphs and improved structure.

Important – further changes still to come

Not all amendments to the Money Laundering (Jersey) Order 2008 are yet reflected in the Handbook. Additional elements — including further detailed guidance on the risk-based approach to MLCO appointments and updates to the reliance regime — will be incorporated following consultation and will take effect on 31 October 2026.

Firms should therefore work from the current live version of the Handbook for requirements that are already in force, while preparing for the additional updates due in October.

Official sources

• JFSC announcement (30 June 2026): https://www.jerseyfsc.org/news-and-events/handbook-update-changes-section-26-mlco/
• Tracked-changes version of revised Section 2.6: https://www.jerseyfsc.org/media/v0rlubyj/section-26-tracked-changed-version-effective-30-june-2026.pdf
• Details of the Money Laundering (Jersey) Amendment Order 2026: https://www.gov.je/Government/PlanningPerformance/Pages/MinisterialDecisions.aspx?docid=5EACAC71-45FD-45B5-AD27-3927E06532DA
• Current AML/CFT/CPF Handbook: https://www.jerseyfsc.org/industry/financial-crime/amlcftcpf-handbooks/amlcftcpf-handbook/

The JFSC has stated that the updates form part of ongoing work to improve proportionality and support Jersey’s Financial Services Competitiveness Programme while maintaining alignment with international standards.