10TH May 2013 the Jersey Financial Services Commission (the “Commission”) has issued a Consultation Paper on proposals to amend provisions dealing with enhanced and simplified customer due diligence. 

The Paper consults on legislation to amend the Money Laundering (Jersey) Order 2008 following publication of a consultation paper in November 2011 and a feedback paper in December 2012.

The Consultation Paper, including draft amending legislation, can be viewed on the Commission’s website by clicking here.  Hard copies of the Consultation Paper are available upon request.

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NOTES TO EDITORS

The Money Laundering (Jersey) Order 2008 applies to all persons carrying on a financial services business in Jersey or through a Jersey company. The term “financial services business” is defined in Schedule 2 of the Proceeds of Crime (Jersey) Law 1999, and includes regulated financial services business and some activities of law firms, accountants and estate agents.

The meaning of the term “customer due diligence measures” is set out in Article 3 of the Money Laundering (Jersey) Order 2008. It includes taking steps to collect information on a customer and to verify that the customer is who he or she claims to be.

http://www.jerseyfsc.org/the_commission/general_information/press_releases/release296.asp