Upcoming amendments to the AML/CFT Handbook
On 16 March, we advised that we would be undertaking further enhancement and simplification work on the Anti-money Laundering and Counter-terrorist Financing (AML/CFT) Handbook.
The goal is to improve the compliance of Jersey’s regulatory framework with the FATF Recommendations.
Our aim is to also provide you with further guidance on areas where Industry has requested additional clarity. Our proposed changes include, but are not limited to:
- additional guidance on risk appetite and business risk assessments
- further clarity on identification measures, risk assessments and enhanced Customer Due Diligence (CDD) measures
- new Codes of Practice in respect of ongoing monitoring of sanctions
- expanded Code of Practice regarding the competence and probity of certain employees
We have also added some diagrams to assist in the explanation of certain concepts within the AML/CFT Handbook.
To support us in achieving this objective, a series of meetings were held in August 2022 following our request for volunteers to come forward to form an Industry working group. The feedback received on our initial drafts and proposed changes was highly valuable, and we are grateful to those who participated.
Following further revisions, we anticipate being able to publish a full consultation on our proposed amendments to the AML/CFT Handbook by the end of October.
The consultation will last for eight weeks, and we intend to hold at least one drop-in session during the consultation period to allow Industry to seek further clarity on any of the changes proposed.
The proposed amendments comprise a mixture of guidance notes and new AML/CFT Codes of Practice. We have also added some diagrams to assist in the explanation of certain concepts.
The sections impacted are: 2, 3, 4, 6, 7, 8, 9, 10, 14, 15 and 16 along with the Glossary.