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ARTICLE · 25 SEPTEMBER 2023

Jersey AML Registration– Update On Non-Executive Directors And Step-By-step Guidance On How To Register

Carey Olsen
Carey Olsen
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Carey Olsen

Carey Olsen

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Earlier this year, we published a summary of the recent changes to the scope of Jersey's proceeds of crime and anti-money laundering (AML/CFT)...

JerseyGovernment, Public Sector
Robert Milner
Robert Milner
Andrea Steel
Andrea Steel
Evija Vanaga
Evija Vanaga
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OVERVIEW

Earlier this year, we published a summary of the recent changes to the scope of Jersey's proceeds of crime and anti-money laundering (AML/CFT) legislation which were intended to align Jersey's regime more closely with Financial Action Task Force Recommendations (see Recent changes to Jersey's AML/CFT regime – a user-friendly summary and FAQ | Carey Olsen).

One of the key changes made has been to remove exemptions for AML registration for people carrying on the business of being a non-executive director.

Over the course of the summer, there has been considerable consultation between industry, government and the Jersey Financial Services Commission (JFSC) regarding the scope of the changes and the JFSC has published FAQs and guidance to assist entities and individuals to navigate the new requirements. The JFSC also helpfully extended the registration deadline for certain in-scope entities and individuals (including directors and family offices) to 30

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