Sanctions Compliance Reporting Form

Published by	External Relations
Type	Sanctions
Date published	05 November 2021

A new Sanctions Compliance Reporting Form has been created and is now available to use. This form replaces the Suspected Breach Notification form.

Your financial sanctions reporting obligations are outlined on the Government of Jersey website, and more extensive sanctions guidance can be found on the Jersey Financial Services Commission’s (JFSC) website.

Reporting obligations

Financial sanctions reporting obligations are set out in Article 32 of the Sanctions and Asset-Freezing (Jersey) Law 2019 and apply to all sanctions regimes in force. These obligations include requirements for a relevant financial institution* to inform the Minister if:

it holds an account of a person, has entered into dealings or an agreement with a person or has been approached by or on behalf of a person, and
it knows, or has reasonable cause to suspect, that the person:

i) is a designated person, or;

ii) has committed an offence, and

the information or other matter on which the knowledge or reasonable cause for suspicion is based came to it in the course of carrying on its business.

You should use the Sanctions Compliance Reporting Form available from the JFSC website to report any suspected breach of financial sanctions and return the completed form to sanctions@gov.je

These reporting obligations are in addition to the obligation to report suspicious activities to the Financial Intelligence Unit.

Relevant Financial Institution*

The definition of a relevant financial institution can be found in Article 1 of the Sanctions and Asset-Freezing (Jersey) Law 2019. This definition includes:

all financial services businesses regulated by the JFSC under regulatory laws, as specified in Part A Schedule 2 of the Proceeds of Crime (Jersey) Law 1999;
certain other financial services businesses listed in Part B Schedule 2 of the Proceeds of Crime (Jersey) Law 1999;
a person (not being an individual) that is incorporated or constituted under the law of Jersey and carries on such financial services business in any part of the world.