The Government of Jersey has published an amendment to the Proceeds of Crime (Low Risk Financial Services Business) (Jersey) Order 2024, which designates certain domestic lending activity as low risk and exempts local lenders from parts of Jersey’s financial crime framework.
If you are a local lender, you may be exempt from appointing a Money Laundering Reporting Officer and Compliance Officer, and from conducting business risk assessments or maintaining policies and procedures under the Money Laundering (Jersey) Order 2008 if you meet all of the following criteria:
- you are a Jersey resident or a Jersey company where each member and director is a Jersey resident
- you are only registered with the JFSC for the activity of lending
- you do not publicly advertise lending services
- you lend your own funds
- all funds related to the lending are paid to and from banks registered with the JFSC
- you only lend to Jersey residents or Jersey companies where each member is a Jersey resident
The JFSC will be communicating directly with lenders registered under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 that they believe may meet the exemption conditions to confirm their status.
If you are registered with the JFSC for lending activity and do not receive an email by 5th September, please contact your lending supervisor, John Wharton.
