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ARTICLE · 30 JULY 2015

Civil Liability For Breaches Of The Codes - Update - 01/07/2015

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The Jersey Financial Services Commission now has the power to impose civil financial penalties for significant and material contraventions of the Codes of Practice and the AML/CFT Handbook.

JerseyFinance and Banking
Kate Kirk
Kate Kirk
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The Jersey Financial Services Commission now has the power to impose civil financial penalties for significant and material contraventions of the Codes of Practice and the AML/CFT Handbook. The level of fines has been set and the JFSC has published a statement on the principles and processes it will adopt under the civil penalties regime.

Who is affected?

All entities registered under the Banking Business (Jersey) Law 1991, the Insurance Business (Jersey) Law 1996 and the Financial Services (Jersey) Law 1998 must adhere to the relevant Codes of Practice published by the JFSC. Entities registered under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 are required to adhere to the AML/CFT Handbook.

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