Guide To Registration Of Banks In Jersey

Preface

Jersey has a well established reputation as an international banking centre and the number of banks registered in the Island remains stable. The authorities, whilst keen to promote the banking industry, are anxious to preserve Jersey's reputation for financial probity. Any bank wishing to establish a presence in the Island must register under the Banking Business (Jersey) Law 1991 (the "Banking Law") and the associated Banking Business (General Provisions) (Jersey) Order 2002. Applications for registration are carefully screened in accordance with the Jersey Financial Services Commission (the "Commission") Licensing Policy in respect of deposit-taking business issued in March 2011. The Commission will only authorise global top 500 banks to establish a presence in Jersey. There are nearly 50 banks registered in Jersey which include approximately half of the top 25 banks in the world, by Tier 1 Capital.