JFSC JE

It was brought to our attention that there were some discrepancies in the data published last week in the Appendix D2. We have now included Sint Maarten, Palestine and Mongolia to the relevant sources of Appendix D2. We have also removed Tonga and the Democratic Republic of the Congo from the list of added sources. Appendix D2 We apologise for any inconvenience caused. Source link

We have updated our Appendix D2 and amendment log to support you when identifying any countries, territories and areas linked with higher risks of money laundering (ML), financing of terrorism (TF), financing of proliferation of weapons of mass destruction (PF), and sanctions. Our Appendix D2 provides a detailed overview of countries identified by reliable and independent external third parties, such as the Financial Action task Force (FATF), UN, OECD, World Bank, US Department of State, UK Government, and others. All relevant persons are expected to exercise judgement in relation to how they interpret and use these sources and must reach their own conclusions on risks. The sources...

Watch Daraya Dolzikova, a research fellow at the Royal United Services Institute's Proliferation and Nuclear Policy Programme, as she chats with the Government of Jersey’s Richard Pedley, giving an insightful overview on: what proliferation financing is how funds are generated how financial and corporate structures may be exploited the relation to money laundering and the financing of terrorism how to counter it Proliferation Financing – Darya Dolzikova provides an overview - YouTube Followed up with an informative and engaging Q&A session which helps to build industry knowledge in this important area, as we continue our Comabting Financial Crime Together series. Proliferation Financing...

We have published an FAQ page to address some of the common questions we are receiving from directors, following the recent changes to schedule 2. Schedule 2 Business FAQs for Directors  Source link

We have issued a supervisory data collection request to banks, registered under the Banking Business (Jersey Law 1991) , and certain Money Service Businesses (MSBs), registered under the Financial Services (Jersey) Law 1998, to gather information in respect of transfers between banks and MSBs and: Virtual Currency Exchange Businesses (VCEBs) Virtual Asset Service Providers (VASPs). The data we are asking for is in addition to the annual 2022 Supervisory Risk Data Collection, and relates to payments covering the years 2020, 2021 and 2022. The deadline for returns is 09:00 on 15 March 2023. We thank all impacted businesses in advance for their ongoing commitment to...

We want to remind local businesses to submit their annual confirmation statements for the 28 February 2023 deadline. Under the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020, which came into force on 6 January 2021, and the Limited Partnerships (Jersey) Law 1994, as amended on 12 August 2022, you are required to complete an annual confirmation statement for any entities registered in or before the year preceding the annual confirmation. Every year we experience a last-minute rush from companies to meet the deadline and this year is no exception. We are therefore looking after a significant volume of...

We have published updated versions of Appendices D1 and Appendix D2 of the AML/CFT/CPF Handbook, to take into account the latest Financial Action Task Force (FATF) statements of 24 February 2023. What this means Effective immediately, countries and territories listed under Sources 1 and 2 of Appendix D2 should be treated as not compliant with FATF Recommendations for the purpose of Article 17A of the Money Laundering Order. Next steps We remind supervised persons to review their policies, procedures, and their existing customer relationships, to assess the impact of these updates on their business. You will also need to take particular care when considering placing reliance...

In January 2023, we asked Industry for feedback on proposed changes to our fees for applications and amendments relating to certain registered persons under the Supervisory Bodies Law. Considering the feedback received, we are now proceeding with the implementation of the amended fees for those required to register and elect to appoint an Anti-Money Laundering Services Provider (AMLSP) and those financial institutions that are Alternative Investment Funds (AIF’s) or Jersey Private Funds (JPF’s). You can view the Feedback here. Source link

Over the last year, we have worked closely with the Jersey Charity Commissioner (JCC) to meet and engage with the non-profit organisation (NPO) sector. As an outcome, on 1 January 2023, amendments to Jersey’s legal framework regarding NPOs came into force. The Memorandum of Understanding governs our working relationship and establishes a framework under which both parties can exchange information and work together, to ensure we are able to exercise our respective functions as prescribed by law and create efficiencies for NPOs. We are committed to continue proactively engaging with the non-profit sector and believe that the signing of our Memorandum of Understanding...

Over the last year, we have worked closely with the Jersey Charities Commissioner (JCC) to meet and engage with the non-profit organisation (NPO) sector. As an outcome, on 1 January 2023, amendments to Jersey’s legal framework regarding NPOs came into force. The Memorandum of Understanding governs our working relationship and establishes a framework under which both parties can exchange information and work together, to ensure we are able to exercise our respective functions as prescribed by law and create efficiencies for NPOs. We are committed to continue proactively engaging with the non-profit sector and believe that the signing of our Memorandum of Understanding...

Last week we unveiled our 2023 business plan, setting out our priorities to help businesses and the wider community understand our focus for the year ahead. Our Strategic Framework 2021-2024 outlines our vision to be a ‘high-performing regulator, building for the long-term success of Jersey’. As we embark on the second year of our strategic journey, the 2023 business plan outlines our core work streams and key initiatives. Aligned to our strategic anchors, we will continue to focus on preparations for the upcoming MONEYVAL assessment, digital transformation, and people strategy, as we seek to strengthen our capability as a high-performing...

Over last year, we have worked closely with the Jersey Charities Commissioner (JCC) to meet and engage with the non-profit organisation (NPO) sector. As an outcome, on 1 January 2023 amendments to Jersey’s legal framework regarding NPOs came into force. The Memorandum of Understanding governs our working relationship and establishes a framework under which both parties can exchange information and work together, to ensure we are able to exercise our respective functions as prescribed by law and create efficiencies for NPOs. We are committed to continue proactively engaging with the non-profit sector and believe that the signing of our Memorandum of Understanding is...