Amendment to Schedule 2 Business Activities

Amendment to Schedule 2 Activities

The Proceeds of Crime (Jersey) Law 1999 (the Proceeds of Crime Law)  was amended by the Proceeds of Crime (Amendment No.6) (Jersey) Law 2022 (the Amendment) came into force on the 30 January 2023. 

As a result, Schedule 2 to the Proceeds of Crime Law has been recast so that activities and operations subject to AML/CFT/CPF obligations align to the definitions within the Financial Action Task Force Standards

All previous scope exemptions from AM/CFT/CPF obligations and exemptions from registration have been removed. This has also resulted in the business activities set out in Schedule 2 widening to include activities not previously within scope.

Our website has been redesigned to cater for Financial Institutions (FIs), Designated Non-Financial Businesses and Professions (DNFBP) and Virtual Asset Service Providers (VASPs).

What action is required now?

The Amendment may impact both entities that were in and out of scope of the pre-Amendment Schedule 2. 

Industry must consider the guidance “What Action Required now Schedule 2 amended”, which includes details of the forms that need to be completed and including how the transitional period applies. If you were undertaking a Schedule 2 activity before it was amended on 30 January 2023, this document may assist you in reviewing how those activities are described in the amended Schedule 2: Converting to amended Schedule 2

Do you need to complete the AMLSP Workbooks to become an Anti-Money Laundering Services Provider (AMLSP)?

If you are a Trust Company Business and/or a Fund Services Business that wishes to provide services as an AMLSP you must complete the relevant workbooks that can be located here

Work continues through the transitional period with the relevant agencies, such as FIU regarding SAR reporting to implement the appropriate changes/amendments

Further information on Financial Crime - Schedule 2 Business