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Jsy Anti-Money Laundering Framework - Coggle Diagram
Jsy Anti-Money Laundering Framework
The main relevant laws are:
(i) The Proceeds of Crime (Jersey) Law 1999
(ii) The Drug Trafficking Offences (Jersey) Law 1988
(iii) The Terrorism (Jersey) Law 2002
Main offences under the Proceeds of Crime (Jersey) law 1999 are:
Assistance
To assist another person to launder proceeds obtained from drug trafficking or other serious crime. Covers all aspects of obtaining, concealing, disguising, converting or assisting the transfer of property to avoid its confiscation.
Failure to report
If an employee has a suspicion but does not report this without undue delay to the Money Laundering Reporting Officer (MLRO), they may be guilty of an offence
Tipping off
An employee is aware that an investigation is taking place and this information is disclosed to either the customer or any other third part
The Money Laundering (Jersey) Order 2008 (the Money Laundering Order)
introduced 1999
Requirements
· Identification procedures,
· Record keeping procedures,
· Internal reporting Procedures,
· General procedures to combat money laundering,
· Employee training in relation to anti-money laundering procedures, Jersey’s laws and the recognition and
handling of suspicious transactions,
· The appointment of a MLRO and MLCO
Handbook
Issued by JFSC
Sets out
Statutory requirements
regulatory requirements
Guidance notes
Failure to comply with the Handbook is a criminal offence
CDD
Must be collected on
applicant
beneficial owners/controllers
understand the nature of the business that the customer wishes to conduct and the rational for the relationship or one-off transaction
evaluate the information
risk assessment for the customer must be recorded
Verify identity of parties
Periodically update
SOF & SOW, Country Risk, Product risk, Delivery risk, PEPs
Enhanced CDD
ID&V