Consultation on enhancements to the AML/CFT/CPF Handbook

We have published a consultation seeking feedback on further enhancements to the AML/CFT/CPF Handbook (the Handbook). We are proposing to add a range of new and expanded guidance notes across the Handbook.  We are also proposing one new AML/CFT/CPF Code of Practice.

Our proposed changes include but are not limited to:

• New Code of Practice and guidance in respect of declassification of Politically Exposed Persons (PEPs)
• New guidance in relation to correspondent banking and similar relationships with regards to Virtual Asset Providers (VASPs)
• Expanded guidance in relation to suspicious activity reporting by Non-Profit Organisations (NPOs)
• Housekeeping matters following the coming into effect of the Proceeds of Crime (Financial Intelligence) (Amendment) (Jersey) Regulations 2022

The sections impacted are: 2, 3, 4, 6-13, and 15-17 along with the Glossary.

Feedback is welcomed on the proposed changes by close of business 29 August 2023. 

We recognise this is a particularly short consultation period and can only apologise for this. We note however the Government of Jersey has already consulted on the amendments arising from the Money Laundering (Amendment No. 12) (Jersey) Order 2023 and the Wire Transfer Regulations. We have communicated directly with relevant industry representatives and trade bodies in advance of this consultation on changes aligned to the Wire Transfer Regulations

Join our drop-in session

Should you have any questions or require further information after reading the consultation, we are holding two drop-in sessions:

• Thursday 24 August from 13.00-16.00 at Digital Jersey in the Hamilton room
• Friday 25 August from 10.00-12.00 at Santander Work Café in the Buenos Aires room.

You can book a 15-minute slot to talk through any questions by contacting Gamu Mbetu on g.mbetu@jerseyfsc.org.

We are having issues with the paragraphing numbering in certain sections of the tracked version and are working to amend this.

Consultation on proposals regarding further enhancements to the AML/CFT Handbook