Sector-based aggregated data 2020 - 2024

The data in these reports covers 2020 - 2024 and provides a general overview of each sector along with trends on inherent risk factors such as customers from higher risk jurisdictions and politically exposed persons (PEP) connections. We will not be publishing reports for the accountancy, estate agents or lending sectors as the 2020 national risk assessment identifies these sectors as lower risk. 2024 data from these sectors has not identified any anomalies to the trended data presented in the initial reports.

The aim of publishing these reports remains to improve the understanding of money laundering and terrorist financing risk within each sector and enable a comparison across different sectors and activities.

The reports are not risk assessments. An explanation has been provided to support the aggregated data presented through a combination of graphs and tables. Whilst some data quality and integrity checks are performed on receipt of the data, we rely on the accuracy and completeness of data provided by industry.

Following feedback received during 2025 we have presented the risk associated with customers, investor and beneficial owners reported as resident in a higher-risk jurisdiction twice.

Data for each year of the five years is considered against

• the most recent Appendix D2 (October 2025)
• Appendix D2 at year end

This highlights the impact of the FATF grey listing as across the sectors exposure peaked in 2023 when both South Africa and the United Arab Emirates featured on Appendix D2.

Trust company business sector

Jersey has a large and significant trust company business (TCB) sector directly employing over 5,000 individuals and with a geographical reach that is second only to the banking sector. In October 2025 our website listed 776 persons registered to carry on TCB activity, including natural persons and participating members (by January 2026 this figure had fallen to 759). 

The data demonstrates the international nature of Jersey’s TCB sector with customers reported from 175 different jurisdictions and the vast majority of customers reported as being resident outside Jersey. In 2024, 4.8% of TCBs reported non-Jersey customer relationships are from higher risk jurisdictions a significant decrease on 2023 (7.8%) primarily due to South Africa being removed from the FATF grey list. Other prominent higher risk jurisdictions include Kenya (0.9%), Monaco (0.9%), Lebanon (0.8%), and Russia (0.2%).  

The proportion of customers from terrorist financing higher risk jurisdictions has decreased from 2.4% in 2021 to 1.5% in 2024 due primarily to the continued reduction in Russian customers. 

Based on 2024 data, the TCB sector has the highest level of PEP connections when considered against the total number of reported customer relationships (14.5%) with the total number of PEP connections stabilising in 2024 having risen steadily increasing across the period 2020 - 2023.  

The data continues to demonstrate that enhanced customer due diligence (CDD) is applied to customers other than those rated as higher risk. It has been applied to 57% of customer relationships reflecting the sector’s conservative approach to onboarding new customers. 

The sector offers a full range of trust and company activities with management services being the activity reported as most often provided to customers. The level of management services activity has stabilised at about 67.5% of the reported activity in both 2023 and 2024, this is a decrease from the high in 2020 (75%). Over the same period there has been a rise in the provision of trustee-only service.

Read our data report for the trust company business sector. 

Funds sector

Jersey has a significant funds sector which continues to have a similar geographical reach of 165 jurisdictions compared to 168 reported for 2023. Jersey offers collective investment funds (CIFs) and private fund products with the current primary target market being professional investors. The principal activity undertaken by Fund Services Businesses (FSB) is the provision of fund administration and management services. The Jersey Private Fund (JPF) continues to be the growth product in terms of the number of funds however CIFs continue to dominate the number of investors and assets under management.

The exposure to investors and beneficial owners reported as resident in a higher-risk jurisdiction is trending downwards and the exposure to one of the terrorist financing jurisdictions of interest remains very low for both CIFs and JPFs.

The number of reported connections to PEPs has increased slightly in 2024 for both CIFs and JPFs although the data demonstrates that PEPs are not evenly distributed through the funds; 58% of JPFs and 62% of CIFs did not report any PEP connections. In 2024, 65% of the JPF PEP connections were reported by 10% of the JPFs and 69% of the CIF PEP connections by number reported by 10% of the CIFs.

CIFs:

Certified/Recognized Funds: A CIF granted a certificate or permit by the JFSC with collective investment of capital by way of public offer. Provided services by an FSB.

Unregulated Funds: A CIF that meets, and continues to meet, the eligibility criteria of the Collective Investment Funds Unregulated Funds (Jersey) Order 2008. Provided services by an FSB.

Private funds:

Jersey Private Funds (JPFs): For the purposes of this report the JPF is a private fund vehicle that must be offered to a restricted circle of persons which must not be retail investors and must always have 50 or fewer offers/investors. Provided services by a Designated Service Provider (DSP).

Note: during 2025 amendments to the JPF framework included the reporting of the 50-investor cap – the impact of this will be seen in the 2025 data collected in 2026.

Legacy Private Funds: Prior to the introduction of JPFs in April 2017 there were various types of private funds, collectively known as the legacy private funds. This comprises: COBO-only fund, private placement fund, and very private fund. These could not be established after April 2017.

Read our data report for the funds sector. 

Banking sector

The data collected relates to both deposit-taking and lending undertaken by the banking sector in Jersey. The sector is relatively stable in terms of the number of licenced entities, its global reach (2024: 205 jurisdictions, 2023: 206), employees, and the total number of customer relationships. Additionally, the reported total deposits have steadily increased from £113bn in 2016 to £159bn at the end of 2024 and the largest proportion of deposit-taking customers remains resident outside Jersey (2024: 61%; 2023: 62%).

The presentation of data relating to wire transfers has been augmented to include total fund flows by region highlighting the strong links to the UK and Europe.

The number of banking customers who are, or are connected to, a PEP grew steadily between 2019 and 2023. In September 2023, the Money Laundering (Jersey) Order 2008 was amended to allow for the declassification of PEPs and the 2024 data shows a decline in the total number of reported PEPs as over 500 were reported as declassified. 

The key risk indicators have been split between banks with a high street presence in Jersey (retail banks) and banks which primarily provide corporate banking solutions (corporate banks). This split acknowledges that these banks may have different risk profiles due to their customer focus. The data continues to demonstrate that customers of corporate banks are more concentrated in higher risk jurisdictions, are more likely to be connected to a PEP and are rated as higher risk by the banks compared to retail bank customers. 

Read our data report for the banking sector. 

Investment business sector

The activity of investment business (IB) is undertaken by a diverse range of businesses, including local independent financial advisers (IFAs), niche wealth managers and banks with a global presence. 

The number of reporting entities has decreased slightly across the period 2020-2024 (2020: 70; 2024: 67) whereas the value of total assets under administration (or equivalent measure) has shown more volatility peaking in 2021 at £158.2bn and steadily increasing since 2022 (£134.6bn) to stand at £153.8bn in 2024. This includes significant percentage growth in the reported value of assets advised by Class D (giving investment advice when prevented from holding client assets) entities, which have increased from £5.3bn in 2020 to £14.4bn in 2024.

Much of the data analysed has been split between banks which provide IB services and non-bank IBs. This demonstrates that, in general, banks have a greater proportion of customers from higher risk jurisdictions, more connections to politically exposed persons and consider their customers to be higher risk for money laundering and terrorist financing. This increased inherent risk may be partially mitigated by the heightened levels of enhanced CDD applied to banks’ IB customers in comparison to non-bank IBs.   

Read our data report for the investment business sector. 

Legal sector

The legal sector data covers law firms registered with us, which vary significantly in terms of size, geographic reach, client profiles and the services provided. Some law firms are involved in large multi-national transactions, where they often play a discrete role, and others have a customer base which is predominately domestic.  

Given the one-off transactional nature of some legal services, year on year trends can be less stable than other sectors but provide useful insights regarding the risks within the sector.  

Data collected in respect of the residency of the law firm’s customers demonstrates that in 2024 over half of all customers continue to be reported as Jersey resident with a further 19% reported as UK resident. Exposure to higher risk jurisdictions is stable and relatively low compared to some other financial services sectors in Jersey. Given the nature of work undertaken by the law firms, the higher risk jurisdiction with the greatest number of customer relationships are Monaco and the British Virgin Islands. Both these jurisdictions feature prominently in other sectors, particularly the funds sector.  

Across the legal sector the exposure to PEPs has slightly decreased in 2024 3.9% of the law firm’s customer relationships include a PEP connection (2023: 4.1%). This exposure remains highest for other Jersey vehicles such as limited partnerships (13.0%) followed by trusts (6.9%). PEP exposure is highest among larger law firms where the provision of services to trusts and other legal arrangements is more common. 

The data continues to show a reduction in the number of matters relating to the buying and selling of immovable property/business entities, which is consistent with data published by Statistics Jersey regarding Jersey property sales. 

Read our data report for the legal sector.