Jersey recognizes the risk that the simplification of CDD measures may present, as well as the inherently higher level of risk that may be found in some customer relationships in international financial centres. In line with the recommendation made by the IMF, the insular Jersey authorities have reviewed provisions in Articles 16 and 17 of […]

MONEY LAUNDERING (AMENDMENT No. 6) (JERSEY) ORDER 2013 has introduced concept of obliged person – The following outlines the new rules as simply as possible!!! Stage 1 –  Definitions “Obliged person” has the meaning in Article 16(1);   “Regulated business” means a FINANCIAL SERVICES BUSINESS in respect of which a person – is registered under […]

Following an earlier consultation the Joint Money Laundering Steering Group (JMLSG) has published final guidance for money services businesses. The guidance has been submitted to HM Treasury for Ministerial approval. Eight comments received in response to the consultation were reviewed and considered by the editorial panel and the JMLSG board. Many of the suggestions on […]

In the States of Jersey official report dated Tuesday, 5th November 2013 (5.18) it is reported that Deputy G.P. Southern asked  Does the Chief Minister have any information on when the J.F.S.C. (Jersey Financial Services Commission) may product its report on the activities of HSBC Middle East, as promised earlier in the year? Senator I.J. […]

The Council of the EU has published a further presidency compromise proposal for an amended Directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing (MLD 4), dated 12 May 2014. A copy of the Money Laundering Directive is available. http://register.consilium.europa.eu/doc/srv?l=EN&f=ST%209752%202014%20INIT

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.

Enforcement matters Delegates at City & Financials financial crime conference (March 6 2014) were told that Two firms face enforcement action from the Financial Conduct Authority for anti-money laundering failures, While the regulator is considering such action against three [3] others. Last year the FCA [FSA] made six ‘early interventions’ in banks where it discovered […]

The Jersey Financial Services Commission (JFSC) [Issued: March 2010] published a report on findings into its Anti-Money Laundering examination of Trust Company Business in Jersey. TRUST COMPANY BUSINESS ON-SITE EXAMINATION PROGRAMME 2009 – SUMMARY FINDINGS http://www.jerseyfsc.org/pdf/TCB_2009_Examination_feedback_March_2010.pdf In the report the JFSC reported on some the following matters 1.Business Risk Assessment and Strategy 2.Customer Profiling and […]