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Jersey initiates anti-money laundering review

Apr 16, 2018

Recently, Jersey started to implement international anti-money laundering and counter-financing of the terrorism standards. Due to this, the Jersey Financial Services Commission initiated the first stage of the review and assessment process. Risk assessment will be based on collection and analysis of data from the licensees.

How are the collection and analysis conducted?

First of all, the Jersey Financial Services Commission notified all relevant entities on the need to commence the process of related data and information preparation. Each of these entities is now invited to take part in collection and submission of such information. The Commission released a questionnaire for these entities as well as special guidelines, that will help reporting subjects fully understand their tasks.

Also, a special internet-portal, myJFSC, functions as an online assistant for reporting entities. They can download the questionnaire from there, find recommendations and upload the result. Moreover, the Jersey Financial Services Commission created a special FAQ section for industry representatives who have questions about the submission process. Obviously, these entities will need more time to stabilize the monitoring process and to get used to new rules but the Commission does its best to ease this transition.

The first phase is set to be completed on April 25th. The questionnaires should be submitted and first part of data will be collected. If a licensee did not receive any notice from the Jersey Financial Services Commission and is unsure whether to submit this questionnaire or not, it is important to contact the Commission and clarify this matter during the timeframe of the first phase.

Analysis of the collected data will be conducted on the second phase of the review. Jersey will do everything necessary to comply with international standards of counter-terrorism financing and anti-money laundering. It is required from every jurisdiction to understand the risks, evaluate them and to effectively prevent or minimize the possible negative consequences.

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