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| Jersey To Revise Due Diligence Requirements |
by Jason Gorringe, Tax-News.com, London
Thursday, November 24, 2011
The Jersey Financial Services Commission has launched a consultation on proposals
to amend the Money Laundering Order 2008 and the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CTF) Handbook to revise customer
due diligence requirements.
According to the JFSC, the Consultation Paper has been launched ahead of a wider
review of the basis for, and scope of, customer due diligence concessions in
the Money Laundering Order that will take account of the imminent revision to
international standards set by the Financial Action Task Force.
According to the JFSC, proposals in the Paper will:
- Clarify the additional customer due diligence measures that must be taken
when a relationship with a customer is established remotely - where the customer
is not seen - and money laundering and terrorist financing risk is considered
to be higher than the norm;
- Provide additional guidance on identifying countries which may be considered
to present a higher risk of money laundering or terrorist financing;
- Specify some additional due diligence measures to be applied where a customer
has a connection to Iran or North Korea, and where a customer is considered
to present a higher risk as a result of a connection to Bolivia, Burma (Myanmar)
Cuba, Ethiopia, Kenya, Nigeria, São Tomé & Príncipe,
Sri Lanka, Syria and Turkey; and,
- Extend the circumstances in which it may be appropriate to simplify customer
due diligence measures because the risk of money laundering or terrorist financing
occurring is considered to be less for a particular customer, product or service.
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