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Jersey To Revise Due Diligence Requirements

by Jason Gorringe, Tax-News.com, London

24 November 2011


The Jersey Financial Services Commission has launched a consultation on proposals to amend the Money Laundering Order 2008 and the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CTF) Handbook to revise customer due diligence requirements.

According to the JFSC, the Consultation Paper has been launched ahead of a wider review of the basis for, and scope of, customer due diligence concessions in the Money Laundering Order that will take account of the imminent revision to international standards set by the Financial Action Task Force.

According to the JFSC, proposals in the Paper will:

  • Clarify the additional customer due diligence measures that must be taken when a relationship with a customer is established remotely - where the customer is not seen - and money laundering and terrorist financing risk is considered to be higher than the norm;
  • Provide additional guidance on identifying countries which may be considered to present a higher risk of money laundering or terrorist financing;
  • Specify some additional due diligence measures to be applied where a customer has a connection to Iran or North Korea, and where a customer is considered to present a higher risk as a result of a connection to Bolivia, Burma (Myanmar) Cuba, Ethiopia, Kenya, Nigeria, São Tomé & Príncipe, Sri Lanka, Syria and Turkey; and,
  • Extend the circumstances in which it may be appropriate to simplify customer due diligence measures because the risk of money laundering or terrorist financing occurring is considered to be less for a particular customer, product or service.

TAGS: money-laundering | investment | business | law | banking | international financial centres (IFC) | Jersey | enforcement | offshore | offshore banking | banking secrecy | standards

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