Industry update

Pooled Supervision and New Regime Supervision Teams to combine as new DNFBP/NPO/VASP Team

The recent legislative changes to the Schedule 2 of the Proceeds of Crime (Jersey) Law 1999 (PoCL) and the Proceeds of Crime (Supervisory Bodies) Law 2008 (Supervisory Bodies Law), have presented the opportunity to combine two of our supervision teams into one: 

  1. New Regimes Team - responsible for the supervisory implementation of Non-Profit Organisations (NPOs) and Virtual Asset Service Provider (VASPs) 
  2. Pooled Supervision Team - responsible for the supervision of a range of ‘lower risk’ Financial Institutions (FIs) found, within Schedule 2 of the Supervisory Bodies Law, but primarily Designated Non-Financial Businesses and Professions (DNFBPs)

to create the DNFBP/NPO/VASP Team.
 
DNFBPs are described in Part 3 of Schedule 2 of the PoCL and are categorised as Casinos, Real Estate Agents, High value dealers, Lawyers and Accountants. The team will also supervise Prescribed NPOs, as defined within the Non-Profit Organizations (Jersey) Law 2008, and VASPs as described under Part 4 Schedule 2 of the PoCL. 
 
The risk-based supervisory approach to these distinct sectors will focus on compliance with Anti-Money Laundering, Countering the Financing of Terrorism and Countering of Proliferation Financing (AML/CFT/CPF) obligations.
 
The team’s supervisory approach will include a dedicated outreach and engagement programme specifically focused around the sectors and include ‘Town Hall’ sessions, additional Guidance and Newsletters. A thematic programme of activity, both desk based and on-site examinations, will also take place which will result in the publication of feedback papers sharing outcomes and best practice. The team will look to foster closer working relationships with the sectors’ professional and trade bodies to ensure a collective approach to greater understanding of AML/CFT/CPF risks and typologies that present within the sectors.
 
Supervised persons who will be affected by this change will be communicated with directly to inform them of their new Supervisor/Supervision Team. Those DNFBPs that are currently supervised by the Pooled Supervision Team will automatically move to the new DNFBP/NPO/VASP Team.