The 1st qtr. of 2015 has been a busy period for JFSC regulatory action and it looks like it’s not over yet. The JFSC issued four public statements in the first quarter of 2015 in relation to a scam, a local business and 2 employees: New World Trustees (Jersey) Limited – march 2015 blackpearl-asia.com – […]

Relevant businesses should be preparing for the arrival of the Ombudsman. The Appointed Day Act brings into force Articles 20, 21 and 22 of the primary law. These Articles allow for The opening of necessary information gateways, for example between the Ombudsman and the JFSC. General information and guidance about, for example, its procedures, complaints, […]

Introduction The reform of Jersey’s anti-money laundering (AML) practices and laws has been high on the legislative agenda, particularly after Jersey became a member of the Committee of Experts on the Evaluation of Anti-money Laundering Measures and the Financing of Terrorism (Moneyval) in 2012. Moneyval is the EU body tasked with ensuring that member states […]

The following notes provide an update/review of 2014 amendments to substantive offences under Proceeds of Crime Law and AML handbook Background In December 2013 MoneyVal issued a report which picks up from the 2008 International Monetary Fund (IMF) report and sets out the progress that Jersey has made following the IMF’s recommendations. MoneyVal is the […]

Jersey and the JFSC civil penalties (fining) for Breaches of the Codes –  Are you ready, are you prepared? Are you ready for civil liability? If you have not done so already, every JFSC registered persons should [must?] conduct a thorough gap analysis of their policies and procedures with the purposes of assessing their compliance […]

Jersey’s fund briefing Regulation of service providers to funds The regulation of service providers to funds in Jersey is under the Financial Services (Jersey) Law, as providers of “fund services business”. Once an entity is registered for a class of funds service business it no longer needs to apply for authorisation in relation to each […]

DRAFT PROCEEDS OF CRIME (FINANCIAL INTELLIGENCE) (JERSEY) REGULATIONS 201 These Regulations would establish a financial intelligence unit (“FIU”) for Jersey, to carry out the functions of such a unit as described in Article 41B of the Proceeds of Crime (Jersey) Law 1999 (as inserted by the Proceeds of Crime (Amendment – Financial Intelligence) (Jersey) Law […]

The following news article was posted Thu, 2nd Apr 2015 09:56 LONDON (Alliance News) – Financial services company STM Group PLC Thursday said regulators in Jersey are planning to prosecute its STM Fiducaire unit and a former employee over the investigation into compliance procedures at the division in 2012. STM said the Jersey Financial Services […]