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The JFSC announce “5” consultations between May and July 2025, including AML updates.

27/04/2025

The JFSC announce “5” consultations between May and July, these are as follows:

  1. DISCLOSABLE BENEFICIAL OWNERSHIP INFORMATION & ONGOING & ARRANGEMENT RISK ASSESSMENTS
    1. The JFSC are seeking feedback on:
      1. Proposals to collect information from 2026 on the nature and thresholds/extent of beneficial ownership information in line with the ongoing requirements of the Disclosure Law and
      2. Activities of entities to assist with
        1. Ongoing risk assessments of the entities and legal persons, and
        2. Arrangement risk assessments (as per Recommended Action 2 of the 2023 LPA Risk Assessment - https://shorturl.at/r3l38 )

    1. START MAY 2025
    2. CONSULTATION PERIOD = Four weeks
  1. SUSTAINABLE FINANCE & BUSINESS INTEGRITY RISKS - PROPOSED CODE OF PRACTICE UPDATES
    1. The JFSC will outline the policy approach and seek stakeholder feedback on the PROPOSED CODE OF PRACTICE enhancements regarding
      1. SUSTAINABILITY and
      2. BUSINESS INTEGRITY RISKS. 
    1. START MAY 2025
    2. CONSULTATION PERIOD = Six weeks
  1. BASEL III PRUDENTIAL ROADMAP: 2025 H1
    1. As part of the delivery of the JFSC Basel III Roadmap, the JFSC will be asking for:-
      1. Stakeholder input on advanced approaches to credit risk (IRB approaches) and systemic matters,
      2. Systemic banks are required to apply the
        1. LEVERAGE RATIO and
        2. NET STABLE FUNDING RATIO (NSFR).
    1. START MAY 2025
    2. CONSULTATION PERIOD = TBC
  1. AML/CFT/CPF Handbook: - Further enhancements   
    1. As part of the JFSC Moneyval action plan, the JFSC will ask for
      1. Input on proposed AML/CFT/CPF Handbook enhancements, which aim to provide clarity and additional guidance.
    1. START June 2025
    2. Consultation period = 12 weeks
  1. CONSUMER CREDIT - PROPOSED CODE OF PRACTICE FOR THE NEW CONSUMER CREDIT REGIME
    1. The JFSC will consult on the policy approach and PROPOSED CODE OF PRACTICE FOR THE NEW CONSUMER CREDIT REGIME.
    2. START July 2025
    3. CONSULTATION PERIOD = Six weeks

Source

https://www.jerseyfsc.org/industry/consultations/

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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

news disclaimer -

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.