Deposit-taking Business Code of Practice update

Following feedback from industry, we have updated our Deposit-taking Business Code of Practice to reflect the wider scope of our AML/CFT/CPF Handbook and improve your user experience.

No material changes have been made to the code.

We have updated:

• references of “AML/CFT” to “AML/CFT/CPF”, reflecting the wider scope of our AML/CFT/CPF Handbook
• the Depositor Compensation Scheme (DCS) disclosure requirement in section 7.11 of the Main Body, removing transitional provisions that are no longer applicable.

The updated Code is effective from 23 February 2024 in the conduct of:

(i) deposit-taking business, as defined by the Banking Law

(ii) money service business, as defined by the FS(J)L, when carried on by a prescribed person meeting the definition of an exempt person in Article 5(1) of the Financial Services (Money Service Business (Exemptions)) (Jersey) Order 2007.

You can find tracked change documents outlining the updates on our Codes of Practice - tracked changes (jerseyfsc.org) page.