consultation paper - the Jersey Financial Services Commission

CONSULTATION PAPER. AML 4, 2014. REVISIONS TO COMMISSION. AML/CFT HANDBOOKS. Proposals to amend provisions in the Handbook for the.
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CONSULTATION PAPER AML 4, 2014 REVISIONS TO COMMISSION AML/CFT HANDBOOKS Proposals to amend provisions in the Handbook for the Prevention and Detection of Money Laundering and the Financing of Terrorism for Financial Services Business Regulated under the Regulatory Laws

ISSUED NOVEMBER 2014

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 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 5 December 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 Alternatively, responses may be sent directly to [email protected] by 5 December 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 It is the policy of the Commission to make the content of all responses available for public inspection unless specifically requested otherwise.

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Issued: November 2014

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 Terrorist Financing for Financial Services Business Regulated under the Regulatory Laws

business relationship

has the meaning given in Article 1 of the Money Laundering Order

CDD

means customer due diligence

CDD measures

means identification measures and ongoing monitoring

Commission

means the Jersey Financial Services Commission

identification measures

has the meaning given in Article 3 of the Money Laundering Order

Jersey Finance

means Jersey Finance Limited

Money Laundering Order

means the Money Laundering (Jersey) Order 2008

one-off transaction

has the meaning given in Article 4 of the Money Laundering Order

PCC

means a protected cell company

relevant person

means a person carrying on a financial services business (as described in Schedule 2 of the Proceeds of Crime Law) and which is carrying on that business in or from within Jersey, or, if a Jersey legal person, carrying on that business in any part of the world

trust company business

has the meaning given in Section 13.1 of Part 1 of the AML/CFT Handbook

REVISION TO COMMISSION AML/CFT HANDBOOKS

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Contents

CONTENTS 1

2

3

EXECUTIVE SUMMARY ............................................................................. 5 1.1

Overview ............................................................................................................................5

1.2

Section 13 of the AML/CFT Handbook.........................................................................5

1.3

Who would be affected? ..............................