New sanctions compliance obligations in effect from 1 July 2023
Effective from 1 July 2023, all Supervised Persons are subject to updated mandatory AML/CPF/CFT Handbook Codes of Practice related to sanctions compliance under Section 6.2.2:
- A supervised person must undertake sanctions screening for all business relationships and one-off transactions. This screening must include the customer, any beneficial owners and controllers and other associated parties. The screening must be carried out at the time of take-on, periodic review and when there is a trigger event, i.e., amendments made to the sanctions designations lists.
- A supervised person must sign up to receive sanctions e-mail alerts from the JFSC and sanctions notices from the Government of Jersey, which are publicly available on the Jersey Gazette.
- A supervised person must ensure their sanctions monitoring arrangements include an assessment of the effectiveness of their sanctions’ controls and their compliance with the Jersey sanctions regime.
Relevant Supervised Persons will be contacted by our Supervision Team this week.
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Sign up to sanctions notifications