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PRESS RELEASE 13 November 2012


Legislation requires all banks in Jersey to operate robust systems and controls to prevent and detect money laundering, which includes reporting any suspicion of money laundering to the States of Jersey Police and Customs Joint Financial Crimes Unit.
There has been widespread press speculation and allegations in respect of accounts operated by HSBC within Jersey.
The Commission will investigate the matters raised by the press, including how the misappropriation of data occurred, and examine in detail the anti-money laundering systems and controls operated by the bank. HSBC has undertaken to provide assistance to the Commission in the conduct of its investigation.

If any person is in possession of information that could assist that investigation they are asked to contact the Director Enforcement, Barry Faudemer, by telephone on 01534 822137 or by email 
Alternatively, information can be provided anonymously using the whistleblowing telephone line operated by the Commission
on 01534 887557.

- Ends -

For further information please contact: -

Barry Faudemer - Director, Enforcement
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822137
Fax: + 44 (0) 1534 822001


Whistleblowing telephone line: +44 (0)1534 887557

Identifying regulatory misconduct within the finance industry is an important function of the Commission.  An anonymous and untraceable whistleblowing telephone line has been introduced by the Commission to assist in the collection of information to identify regulatory misconduct.  All calls made to the whistleblowing line will be regarded as intelligence to assist the Commission in the exercise of its regulatory responsibilities.

Calls made to the whistleblowing line during normal working hours will be answered by a member of the Commission’s Enforcement Team, and in their absence and outside of normal working hours it will revert to voicemail.  Callers will not be asked their name and all information provided to the Commission will be treated in the strictest confidence.


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