The Jersey Financial Services Commission (JFSC) recently updated its AML/CFT Handbook for regulated financial services businesses (Handbook) to expressly permit evidence of identity to come from electronic sources (E-ID) as an alternative to original “wet ink” documents. Background The current version of the Handbook, which was first published on 1 January 2015, has been updated […]

A FORMER Jersey Financial Services Commission employee who took confidential documents from an application file, and then presented them to his subsequent employer as the ‘gold standard’ for such paperwork, has been spared prison. Accountant Timothy Owen Jones, of St Peter, pleaded guilty in the Magistrate’s Court to one count of disclosing information about Belasko […]

1. Introduction a. The methodology set out in this paper describes the Jersey Financial Services Commission’s (JFSC)guideline approach to the determination of the amount of a civil financial penalty to be imposed on a principal person. The circumstances of each case will be different and the JFSC will apply each step in the methodology with […]

In a recent Jersey appeal case the Court was of the view that the investment profession might well benefit from further guidance from the JFSC on “Commissions”[or Receiving prohibited third-party payments] The court did however, and for the avoidance of doubt, makes it clear that if an investment adviser were to receive a fee for […]

SPEED READ The courts considered the arguments from the JFSC concerning integrity of an investment adviser (SWM) when they dealt with two complaints. In complaint No 1 SWM refused to re-open a compliant after being directed to do so by a 3rd party – the court stated it is not unreasonable on the part of […]

The successor to the infamous Jimmy Carr ‘K2’ scheme has just surfaced following a decision by the First Tier Tribunal which found that a contractor loan scheme should have been notified under the Disclosure of Tax Avoidance Schemes (DOTAS) regulations. With striking similarities in the way it was marketed and operated to K2 the scheme, […]

  The JFSC have published updated versions of Appendices D1 and D2 of the AML/CFT Handbook, to take into account the latest Financial Action Task Force (FATF) statements. You can view the updated appendices by visiting the AML/CFT Handbook page of the JFSC  website here https://www.jerseyfsc.org/anti-money-laundering/regulated-financial-services-businesses/amlcft-handbook/

A joint report published by the government and the National Cyber Security Centre this week revealed the fact that only 16% of boards of FTSE 350 firms claim to fully understand the impact of loss or disruption associated with cyber threats, despite 96% having a cyber security strategy in place.   https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/783263/FTSE_350_Cyber_Governance_Health_Check_2018.pdf While this report […]