New guidance notes and Codes of Practice proposed for the AML/CFT Handbook

Further to our Industry update on 13 October, we have now published a consultation seeking feedback on further enhancement and clarification carried out on the Anti-money Laundering and Counter-terrorist Financing (AML/CFT) Handbook.

We are proposing to add a range of new and expanded guidance notes across the Handbook.

We are also proposing several new AML/CFT Codes of Practice, spread across five sections of the Handbook.

These changes aim to:

• provide further clarity and guidance to Industry and
• demonstrate compliance with the Financial Action Task Force (FATF) Recommendations and Immediate Outcomes.

We also stated that we would be adding some diagrams to assist in explaining certain concepts within the Handbook. These will now be published separately (expected November 2022) and are not subject to this consultation.

We invite feedback on the proposed changes by close of business 13 January 2023. If possible, we should be grateful if you would consider providing feedback earlier. January 2023 will be a pressure point for us in terms of resourcing, therefore any responses received earlier will help us deliver our feedback paper in good time.

Finalised changes to the Handbook arising from this consultation will be amalgamated with those from the recent follow-on consultation on AML/CFT scope exemptions. It is currently our intention that all changes related to both pieces of work will become effective in July 2023.

You can complete the questionnaire linked in the consultation paper, respond directly to us via CPHandbook@jerseyfsc.org or provide your responses to Jersey Finance Limited.

Consultation on proposals regarding further enhancements to the AML/CFT Handbook No 12

Helpful video

In this short video, Andrew will take you through the consultation and highlight some of the key changes proposed.

Join our drop in session

Should you have any questions or require further information after reading the consultation and watching Andrew’s video, we are holding a drop-in session at the Santander Work Café on 15 November from 09:30 to 12:30.

You can book a 15-minute slot to talk through any questions by contacting Andrew Henson on 822000.

Below you can find “clean” and tracked-change versions of each Handbook section we proposing to amend.