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ARTICLE · 30 MAY 2007

The Cost of Failing to Know Your Client

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With increasing regulation and tougher penalties, KYC (Know Your Client) has been central to financial services industry compliance standards for many years. However, with several recent high profile cases in the media, once again, this is a hot topic of conversation.

JerseyWealth Management
Appleby Global
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With increasing regulation and tougher penalties, KYC (Know Your Client) has been central to financial services industry compliance standards for many years. However, with several recent high profile cases in the media, once again, this is a hot topic of conversation.

The introduction in Jersey of the Proceeds of Crime (Jersey) Law 1999 was designed to provide a comprehensive code to protect and enhance Jersey’s reputation as a transparent and well-regulated offshore centre. The legislation deals with confiscation orders, money laundering, handling the proceeds of crime, tipping off as well as setting up procedures to ‘forestall and prevent money laundering’. These latter procedures apply to those carrying on a financial services business.

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