ING Bank N.V. (ING) in Amsterdam has accepted and paid a settlement of EUR 775,000,000 offered by the Netherlands Public Prosecution Service ([NPPS]). The NPPS has accused ING in the Netherlands of having violated the Anti-Money Laundering and Counter-Terrorism Financing Act for many years and on a structural basis; AND failed to prevent bank accounts […]

  The Jersey Financial Crime Strategy Group (JFCSG)– comprising representatives from the Government of Jersey, Jersey Financial Services Commission, States of Jersey Police and Jersey Customs and Immigration Service – have [27 July 2018] launched a public consultation on the implementation of the 2012 Financial Action Task Force (FATF) Recommendations on Anti-Money Laundering (AML) and […]

The EU’s executive body has promised new legislation in the Spring to make sure the exchanges and users of virtual currency platforms such as Bitcoin are identifiable and traceable. The reason? Terrorism. The move was announced as part of a raft of measures to make it harder for terrorists and their backers to move around […]

This report provides an overview of the findings from a programme of themed on-site  examinations conducted by the Banking division of the Commission during 2013-14. The findings in this report are drawn from 17 on-site examinations of banks conducted  by Commission staff as well as responses to a self-assessment questionnaire that was sent  to each […]

Jersey is to be assessed by MONEYVAL (a body of the Council of Europe) in respect of the Island’s compliance with international Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) standards, set by the Financial Action Task Force (FATF). Most recently, the MONEYVAL plenary (December 2013) considered the Island’s progress against the recommendations contained […]

To bring the Handbook for Estate Agents and High Value Dealers up to date with legislative requirements consequential to changes to the Money Laundering Order (excluding Money Laundering (Amendment No. 6) (Jersey) Order 2013) and other relevant legislation, as well as other relevant changes made to the Handbook for Financial Services Business Regulated under the […]

Today, the Jersey Financial Services Commission (the “Commission”) has issued a Consultation Paper on proposals to amend the Money Laundering (Jersey) Order 2008. The Consultation Paper deals with a number of comments by the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (“MONEYVAL”) in 2013 and is intended […]

Further to Hamish Armstrong (JFSC Senior Manager, Financial Crime) recent notice to regulated entities in Jersey concerning the upcoming consultation on further amendments to the Money Laundering Order 2008, he has advised there will also be a separate consultation paper setting out proposed amendments to the ”tipping off” provisions of the SAR reporting regime.