Banking regulations in Jersey have been amended to ensure banks and their customers can continue to benefit from fast and efficient cross-border payments with certain European countries.
The rules apply to members of the Single European Payments Area (SEPA), which the island joined in 2015.
Back then, legislation was passed enabling payments in Euros to be made by Jersey banks direct to and from other member banks.
Last October, the Chief Minister Senator Ian Gorst lodged a change in regulation to update Jersey’s law to be in line with all SEPA member countries.
Those amendments, known as the ‘EU Legislation (Payment Services – SEPA) (Amendment) (Jersey) Regulations 201’, came into force last week.
Geoff Cook, CEO, Jersey Finance, said: “Jersey has a positive role to play in Europe as a facilitator of cross-border financial services, not least in providing around €190bn of
foreign investment into the EU each year. Our membership of the SEPA is really important to our banking sector and their customers. These latest changes will help banking institutions here continue to provide efficient cross-border payments and support trade in our highly valued European market now and in the future, all within the robust SEPA framework.”
You can read the law amendment in full here.
