The effect of this exemption notice is that notification requirements under Article 7(6) and Article 8(4) will apply only to regulated persons, as defined, until such time as this exemption is revoked.

The notice is issued under Article 10 of the Money Laundering (Jersey) Order 2008 (the “Order”), which Order came into force on 4 February 2008. It replaces the previous notice issued under Article 10 of the Order on 4 February 2008.

1. Article 7(1) and (4) of the Order requires a person that conducts financial services business (a “relevant person”) to appoint an individual as its
   compliance officer.
   • The function of the compliance officer is to monitor whether enactments in Jersey relating to money laundering are being
     complied with in the conduct of the relevant person’s financial services business.3
2. Article 8(1) and (3) of the Order requires a relevant person to appoint an individual as its reporting officer.
   • The function of the reporting officer is to recieve and consider reports about suspicion of money laundering from persons handling financial services business.

Financial services business is defined in Schedule 2 to the Proceeds of Crime (Jersey) Law 1999.

Article 7(6) and Article 8(4) of the Order require a relevant person to give the Commission written notice within one month after the date that an appointment of a compliance officer or a reporting officer takes effect and where an individual ceases to be such an officer.

Article 10 of the Order provides for the Commission to exempt a relevant person, or any class or description of relevant person carrying on any class of financial services business from the obligation in Article 7(6) and Article 8(4).

The purpose of this notice is to exempt the following description of relevant person from the obligation in Article 7(6) and Article 8(4):
A relevant person that is not also a regulated person.

A regulated person is a person carrying on a regulated business. Regulated business means financial services business in respect of which a person:

1. is registered under the Banking Business (Jersey) Law 1991;
2. holds a permit under the Collective Investment Funds (Jersey) Law 1988;
3. holds a certificate under the Collective Investment Funds (Jersey)
   Law 1988;
4. is registered under the Financial Services (Jersey) Law 1998; or
5. is authorised by a permit under the Insurance Business (Jersey) Law 1996.

The effect of this exemption is that notification requirements under Article 7(6) and Article 8(4) will apply only to regulated persons, as defined, until such time as this exemption is revoked.

http://www.jerseyfsc.org/pdf/Gazette_Notice_Article_10_MLO_26_Jan_09.pdf