Civil Liability For Breaches Of The Codes - Update

On 20 February 2015, the Financial Services Commission (Amendment No. 6) (Jersey) Law 2015 was registered (Amendment Law). The Amendment Law makes changes to the Financial Services Commission (Jersey) Law 1998 to include provisions to enable the Jersey Financial Services Commission to impose civil financial penalties for material contraventions of the Codes of Practice and the AML/CFT Handbook and comes into force on 20 March 2015.

Who will be 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.