As at June 2015 The Jersey Financial Services Commission now has had the power to impose civil financial penalties for significant and material contraventions of the Codes of Practice and the AML/CFT Handbook. The level of fines has been set and the JFSC has published a statement on the principles and processes it will adopt […]

The Jersey Financial Services Commission (JFSC) from 23 June, 2015 will have the power to impose financial penalties on regulated businesses of up to £4 million, for significant and material breaches of the Codes of Practice, including contraventions of the Handbook for the Prevention and Detection of Money Laundering and the Financing of Terrorism. The […]

From 23 June 2015, the Jersey Financial Services Commission (JFSC) will have the power to impose financial penalties on regulated businesses of up to £4 million, for significant and material breaches of the Codes of Practice, including contraventions of the Handbook for the Prevention and Detection of Money Laundering and the Financing of Terrorism. 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 […]

Civil Liability for Breaches of the JFSC codes On 20 February 2015, the Financial Services Commission (Amendment No. 6) (Jersey) Law 2015 was registered (Amendment Law). The Amendment Law makes changes to the Financial Services Commission (Jersey) Law 1998 to include Provisions to enable the Jersey Financial Services Commission to impose civil financial penalties for material […]