JFSC sets out changes to AML/CFT handbooks

Posted: 03/03/2021

The Jersey Financial Services Commission has announced changes to the AML/CFT handbooks as a result of Financial Action Task Force recommendations and industry feedback to a recent consultation paper.

The changes, summarised below, will come into effect on 31 May.

• Relevant persons must maintain appropriate policies and procedures so they can provide a copy of their business risk assessment to the JFSC on request.
• Customer due diligence guidance will be amended for certain legal persons and arrangements to demonstrate full implementation with international standards.
• Changes are being made as to when evidence of identity will be considered as being provided “without delay”.
• The list of equivalent countries and territories is being removed from the AML/CFT handbooks. This will be replaced with guidance and links to appropriate information sources.
• The four AML/CFT handbooks will in the future be amalgamated into one consolidated handbook, with general and sector-specific chapters.

For more details of the JFSC consultation paper, click here


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