consultation paper - the Jersey Financial Services Commission

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CONSULTATION PAPER AML 2, 2014 REVISIONS TO COMMISSION AML/CFT HANDBOOKS Proposals to amend provisions in the Handbooks for the Prevention and Detection of Money Laundering and the Financing of Terrorism for:  Financial Services Business Regulated Regulatory Laws  the Accountancy Sector  the Legal Sector  Estate Agents and High value Dealers

ISSUED SEPTEMBER 2014

under

the

Consultation Paper

CONSULTATION PAPER Please note that terms in italics are defined in the glossary of terms. This consultation paper should be read and understood alongside Position Paper AML 2014. The changes proposed will impact on the Three Handbooks and the Handbook for Estate Agents and High Value Dealers. Rather than include multiple references, this Consultation Paper only refers to sections of the AML/CFT Handbook. To assist those relevant persons within the scope of either the Handbook for the Legal Sector or the Handbook for the Accountancy Sector, Appendix A of Position Paper AML 2014 contains a mapping (at paragraph heading level) of those Handbooks against the AML/CFT Handbook. Appendix A of Position Paper AML 2014 does not include the Handbook for Estate Agents and High Value Dealers as the construction of that document is quite different. The Position Paper can be accessed by clicking here. The Commission invites comments on this consultation paper. William Byrne at Jersey Finance is co-ordinating an industry response that will incorporate any matters raised by its members. Comments should reach Jersey Finance by 31 October 2014. William Byrne Head of Technical

Telephone: +44 (0) 1534 836021 Facsimile:

+44 (0) 1534 836001

Jersey Finance Limited

Email:

[email protected]

4th Floor, Sir Walter Raleigh House 48-50 Esplanade St Helier Jersey JE2 3QB Responses may also be sent directly to [email protected] by 31 October 2014. If you require any assistance, clarification or wish to discuss any aspect of the proposal prior to formulating a response, it is of course appropriate to contact the Commission. The Commission contact is: Andrew Le Brun Director, Financial Crime Policy

Telephone: +44 (0) 1534 822065 Email:

[email protected]

Jersey Financial Services Commission PO Box 267 14-18 Castle Street St Helier Jersey JE4 8TP

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ISSUED SEPTEMBER 2014

Consultation Paper

Alternatively, responses may be made via an online survey which will be published on the Commission’s website shortly. It is the policy of the Commission to make the content of all responses available for public inspection unless specifically requested otherwise.

REVISION TO COMMISSION HANDBOOKS

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Glossary of Terms

GLOSSARY OF TERMS AML/CFT

means anti-money laundering and countering the financing of terrorism

AML/CFT Handbook

means the Handbook for the Prevention and Detection of Money Laundering and the Financing of Terrorism for Financial Services Business Regulated under the Regulatory Laws

CDD

means customer due diligence

CDD measures

means identification measures and on-going monitoring

AML/CFT Codes

means Codes of Practice issued under Article 22 of the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008

Commission

means the Jersey Financial Services Commission

EEA

means the European Economic Area

FATF

means the Financial Action Task Force

Handbook for Estate Agents and High Value Dealers

means the Handbook for the Prevention and Detection of Money Laundering and the Financing of Terrorism for Estate Agents and High Value Dealers

Handbook for the Accountancy Sector

means the Handbook for the Prevention and Dete