News and resources on financial crime

Event on Combatting Financial Crime Together: Digital ID, Obliged Entities and Exemptions

On 16 November 2022, finance industry professionals were briefed by representatives from the Jersey Financial Services Commission (JFSC) and the Government.

Julie Keir, from Government, and Olenka Apperley, from the JFSC, discussed the progress being made on establishing a digital identity system in Jersey.

Adoption of Digital Identity Systems (Digital ID)

George Pearmain, Government's Director of Financial Crime Strategy then provided an update on how the Island is tackling the issue of beneficial ownership of obliged entities.

Beneficial Ownership - Obliged Entities and Access to the Central Register

Secondary Consultation re Non-Profit Organisations

On 7 November 2022, an event was held as part of the consultation on the proposed Order, which aims to bring Jersey into line with FATF standards as regards non-profit organisations (NPOs).

NPOs and charities - are you ready for the changes coming to the law?

Event on Combatting Financial Crime Together: Enhanced Due Diligence

Finance industry professionals were briefed on 19 October 2022 by representatives from the Jersey Financial Services Commission (JFSC) and the Government.

At this event Tim Butlin, senior manager of the examinations unit of the JFSC, spoke about:

• CDD measures and what they are seeing in industry
• what is working well
• areas where businesses can reduce their exposure to risk

CDD Measures, by Tim Butlin from the JFSC

Following this, Hamish Armstrong, chief adviser on financial crime for the JFSC, provided an overview of how and why you can enhance your due diligence measures.

Enhanced Customer Due Diligence: Refresher, by Hamish Armstrong from the JFSC

Launch of National Strategy for Combatting Financial Crime

Watch Julian Gouge speak about how he put together the National Strategy, and how businesses can use it to improve their own strategy to combat financial crime.

Andrew Strijker, part of the team assessing Jersey for MONEYVAL in 2015 and is now Consultant and Chair of the EUROPOL EFIPPP Threats & Typology working group, speaks about what we can expect from the assessment process, and the best way to prepare.

David Parody, National Coordinator for AML/CFT in Gibraltar, gives an overview of his experience of the lengthy assessment process which resulted in Gibraltar being grey-listed, and provides advice on what Jersey should be doing to avoid that outcome.

Event on Combatting Financial Crime Together: Risk

Business Risk Assessments are the foundation of any Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) strategy.

Earlier this year the JFSC conducted a thematic examination in regards to AML and CFT Business Risk Assessments (BRA) and strategy. At the event on 28 September 2022, Amanda gave an overview of these results.

Read the blog Combatting Financial Crime Together: Risk – summary of event held on 28 Sept 2022

Event presenting slides and film

On 14 July 2022, finance professionals were invited to a briefing on financial crime from local and international experts, to set out the progress to date from Government and the Regulator, and hear about the challenges facing the industry.

Financial Crime Strategy Industry Update

Combatting Financial Crime from JFSC

Blog posts on financial crime

Find further information on financial crime in the blog posts below:

Risky (virtual asset) business? (27 May 2022)

Russian sanctions: can you sanction crypto? (25 March 2022)

Russian sanctions: the impact so far (15 March 2022)

Increase Your (Financial) Intelligence (17 February 2022)