Is my activity or operation that of a financial institution?

We supervise FIs for anti-money laundering, countering the financing of terrorism and countering proliferation financing purposes. Some FIs may be regulated by us under one of the regulatory laws, these businesses will therefore also be subject to conduct and prudential supervision. Other Fis that are not subject to conduct and prudential supervision, include: lending (which includes private lending); financial leasing; means of payment; financial guarantees and commitments; advice on capital structure; industrial strategy etc…; safe keeping and administration; safe custody services; investing, administering, or managing funds or money; money broking and other activities.

FIs are described in Part 2 of Schedule 2 of the Proceeds of Crime (Jersey) Law 1999.

Determining whether an activity or operation is within the definition of FI features the following three aspects:

• Conducts relevant activities or operations
• Does so “as a business” and
• Does so for or on behalf of a customer.

If you or your business want to conduct supervised activity, consideration should be given to registration obligations before beginning to conduct that business.