Jersey Jersey

New Documents

Jersey Government Updates Guidance on Russia Sanctions Compliance

The Government of Jersey issued an updated guiding document related to compliance with sanctions measures against Russia.  

April 23, 2024

Jersey FSC Highlights Updates FATF Notices

The Jersey Financial Services Commission announced updates to Appendix D2 of the AML/CFT/CPF Handbook, which lists the jurisdictions presenting a higher risk of money laundering, terrorist financing, sanctions evasion, and proliferation financing.

April 1, 2024

JFSC Publishes Financial Crime Guide on RegTech

March 5, 2024

Jersey FSC Publishes Guidance on Virtual Asset Travel Rule

February 13, 2024

Jersey Publishes Update to NRA

January 19, 2024

News

Midweek Roundup: Maltese Bank Caught in Crackdown, Nuclear Trafficker Faces US Charges, and More

FinCEN issues guidance, Britain blacklists officials tied to Navalny’s death, and more, in the midweek roundup.

February 21, 2024

Jersey FIU Goes Independent, Launches Data Exchange

Jersey has embarked on a yearslong project to fundamentally reform the role, mission and capabilities of its financial intelligence unit to tackle cross-border illicit transactions more effectively, local officials announced.

February 21, 2024

Weekly Roundup: Mastercard Tackles Marijuana, BNP Paribas Under US Investigation, and More

July 28, 2023

Weekly Roundup: Twitter Eyes Payments, China Fines Fintech, and More

July 7, 2023

Weekly Roundup: FTX Goes Bankrupt, IRS Investigates Cryptocurrency’s Role in Tax Evasion, and More

November 11, 2022

Enforcement Actions

JFSC Regulator Fines Jersey Branch of Lloyds Bank Corporate Markets Plc £498,000 for AML/CTF Breaches

The Jersey Financial Services Commission issued a £498,000 civil money penalty against the Jersey branch of the London-based financial institution for anti-money laundering breaches related to one correspondent banking relationship.

August 12, 2022

Royal Court of Jersey: LGL Trustees Limited Fined £550,000 for AML Failures

The Royal Court of Jersey issued a judgment imposing a fine of £550,000 against the St. Helier, Jersey-based company for two breaches of Article 37(4) of the Proceeds of Crime (Jersey) Law 1999 and the related regulations.

March 5, 2021

JFSC Fines SGKH Entities Over £719,000 for AML, Regulatory Breaches

February 17, 2021

Jersey Fines Branch of Abu Dhabi Commercial Bank PJSC £475,000 for AML Failures

April 29, 2020

Key Documents

Jersey Amends Proceeds of Crime, Terrorism Law

February 18, 2014

Jersey Enacts Proceeds of Crime Regulations 2008

February 12, 2008

Jersey Enacts Terrorist Asset-Freezing Law

April 1, 2011

Jersey Issues AML, Nonproliferation Legislation

November 1, 2011

Jersey Amends Money Laundering Regulation

October 20, 2014

Jersey Finalizes Wire Transfer Regulations

July 16, 2007

Important Facts

  • The U.S. State Department labels Jersey as a jurisdiction of primary money laundering concern. The largest of the Channel Islands, Jersey is an international financial center that offers a sophisticated array of offshore services. Although Jersey is a British crown dependency, the country has its own parliament, government, and laws. Since a substantial proportion of customer relationships are with nonresidents, adherence to know-your-customer rules is vital for the limiting of illicit money from foreign criminal activity. Jersey authorities also work to protect the financial services industry against the laundering of the proceeds of foreign political corruption. In January 2015, Jersey published a typologies report outlining laundering methods and other areas of concern, including tax evasion, corruption, financial crimes involving politically exposed persons, the use of money service businesses and the use of pre-paid cards.
  • KYC Covered Entities: Banks; life insurance companies; collective investment schemes and operators; trust and company service providers; money exchanges and foreign exchange dealers; financial leasing companies; issuers of credit and debit cards, traveler’s checks, money orders, and electronic money; securities brokers, dealers, advisers, and managers; safekeeping, trust, fund, and portfolio managers; collective investment schemes and operators; insurance companies and brokers; casinos; real estate agents; dealers in precious metals and stones and other high-value goods; notaries, accountants, lawyers, and legal professionals
  • STR Covered Entities: Banks; life insurance companies; collective investment schemes and operators; trust and company service providers; money exchanges and foreign exchange dealers; financial leasing companies; issuers of credit and debit cards, traveler’s checks, money orders, and electronic money; securities brokers, dealers, advisers, and managers; safekeeping, trust, fund, and portfolio managers; collective investment schemes and operators; insurance companies and brokers; casinos; real estate agents; dealers in precious metals and stones and other high-value goods; notaries, accountants, lawyers, and legal professionals
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 3 (2015); Convictions: 1 (2015)
-Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 16 High :
Largely Compliant : 28 Substantial :
Partially Compliant : 5 Moderate :
Non-Compliant : 0 Low :
Not-Applicable : 0

BASEL i

Rank : N/A
Score : N/A

TRANSPARENCY INTERNATIONAL i

Rank : N/A
Score : N/A

Tax Justice Network i

Rank : 16/133
Score : 66/100