Local lenders exempt from AML/CFT/CPF obligations
Today, the Government of Jersey has published an amendment to the Proceeds of Crime (Low Risk Financial Services Business) (Jersey) Order 2024, which designates certain domestic lending activity as low risk and exempts local lenders from parts of Jersey’s financial crime framework.
You may be exempt from appointing a Money Laundering Reporting Officer and Compliance Officer, and from conducting business risk assessments or maintaining policies and procedures under the Money Laundering (Jersey) Order 2008 if you meet all of the following criteria:
- you are a Jersey resident or a Jersey company where each member and director is a Jersey resident
- you are only registered with us for the activity of lending
- you do not publicly advertise lending services
- you lend your own funds
- all funds related to the lending are paid to and from banks registered with us
- you only lend to Jersey residents or Jersey companies where each member is a Jersey resident
We will be communicating directly with lenders registered with us under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 that we believe may meet the exemption conditions to confirm their status.
Contact us
If you are registered with us for lending activity and do not receive an email from us by 5 September, please contact your lending supervisor, John Wharton.