Dealing with customers who present a higher risk of money laundering, financing of terrorism and the financing of proliferation
The guidance note linked below was removed in 2024 due to further development of the Government of Jersey’s sanctions framework (gov.je). For sanctions risk assessments, please refer to our AML/CFT/CPF handbook (jerseyfsc.org) (see sections 6.2 and 8.8 for sanctions compliance codes and guidance) and Sanctions (jerseyfsc.org).
The recent invasion of Ukraine by Russia has resulted in an increased Supervisory focus on ensuring that relevant persons with exposure to jurisdictions that present higher risks, such as Russia and Belarus, have the appropriate governance, internal systems and controls in place for dealing with higher risk customer relationships.
We have produced this guidance note to remind relevant persons of our expectations from Industry when dealing with customer relationships that present higher financial crime risks, and to prompt relevant persons to consider and assess the adequacy of their own individual arrangements for identifying and mitigating existing, or increased, risks arising within their customer bases.