ARTICLE · 30 NOVEMBER 2023

AML Update: JFSC Announces Its Focus On PEPs In January 2024

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The Jersey Financial Services Commission ("JFSC") recently announced that its first area of focus for its 2024 thematic examination programme will be politically exposed persons ("PEPs") (the "Examination").

JerseyGovernment, Public Sector

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The Jersey Financial Services Commission ("JFSC") recently announced that its first area of focus for its 2024 thematic examination programme will be politically exposed persons ("PEPs") (the "Examination"). The Examination will commence in January and selected supervised persons for the Examination can expect to be notified soon.

What is a PEP?

The Money Laundering (Jersey) Order (2008) (the "Order") sets out that a PEP is an individual who is or has been entrusted with a prominent public function including, but not limited to:

heads of state, heads of government or senior politicians
senior government officials, judicial officials or military officials
senior executives of state-owned corporations

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AML Update: JFSC Announces Its Focus On PEPs In January 2024

What is a PEP?

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