Why Appleby?

As one of the earliest registered Anti-Money Laundering Service Providers (AMLSP), Appleby Jersey has been at the forefront of the developments in Jersey’s anti-money laundering, counter-terrorist financing, and counter proliferation financing regime ( the AML Regime) and has practical experience of how the new regime is applied. Appleby Jersey already acts as AMLSP for, and provides related AML services to, a number of Funds, Structured Finance Vehicles and other entities. This includes a number entities with no other prior connection to the firm.

Appleby Jersey can offer efficient and effective solutions to international clients and well as local administration businesses. We can assist clients to assess whether they are in scope of the revised AML Regime and, should this be the case, ensure full and on-going compliance with the new regime.

Appleby is well versed in the current guidance as well as familiar with proposed future developments to the regime, allowing us to future proof solutions offered to clients.

What are the key issues?

The scope of the AML regime has been amended to more closely align with the Financial Action Task Force’s International Standards on Combating Money Laundering and the Financing of Terrorism and Proliferation (the FATF Recommendations). The changes, which took effect on 30 January 2023, subject to a transitional period ending on 30 June 2023, bring many entities which were not previously in scope under the Proceeds of Crime (Jersey) Law 1999, into scope. These changes have had, and continue to have, a profound impact on the Financial Services industry in Jersey.

Local institutions and corporate service providers, large and small, are faced with the daunting task of navigating complex guidance and legislation on the changes, many of which remain open to interpretation. For larger institutions, with large volumes of previously exempt entities now in need of analysis, registration and on-going services, the challenges are particularly acute given the potentially significant penalties for non-compliance.

One of the most significant challenges facing the previously out of scope entities includes the requirement to appoint a Jersey resident Money Laundering Reporting Officer (“MLRO”) and Money Laundering Compliance Officer (“MLCO”). The revised legislation addresses this through the introduction of AMLSPs.  An in scope entity may appoint a regulated service provider as AMLSP to fulfil its obligations under the AML Regime. An AMLSP will reduce the administrative burden posed by the registration of in scope entities and will allow them to meet their on-going compliance through the provision of an MLRO and MLCO as well as ongoing reporting and monitoring. The responsibility to comply with the AML Regime will remain with the entity itself, however, the appointment of an AMLSP will reduce much of the burden of ensuring compliance.

Who can I chat to?

If you would like to discuss how we can help you and your clients, please don’t hesitate to reach out to one of our experts listed above or AGS Director Kristie Potts.

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