Proceeds
of Crime (Low Risk Financial Services Business) (Jersey) Order 2024
1 Designation of low risk financial services businesses
This Order designates
operations and activities as low risk financial services businesses.
2 Directors, but not for
trust company business
(1) The
activity of a natural person acting as a director of a company is a low risk
financial services business unless the activity is described in paragraph 23(2)(b)
of Schedule 2 to the Proceeds of Crime
(Jersey) Law 1999 (carrying on certain trust company business under
the Financial
Services (Jersey) Law 1998).
(2) Articles 7,
8, 9, 9A, 10, 11 and 11A of the Money Laundering
(Jersey) Order 2008 do not apply in respect of a low risk financial
services business described in this Article.[1]
3 Crown and Anchor gambling
service
(1) The
activity of providing a gambling service by means of the game known as Crown
and Anchor is a low risk financial services business if the maximum amount that
a person can bet per game is £100 or less.
(2) The
Money Laundering
(Jersey) Order 2008 does not apply in respect of a low risk financial
services business described in this Article.
(3) In
this Article, “gambling service” has the meaning given by Article 2 of the
Gambling (Jersey) Law 2012.
4 Acceptance and payment of
withdrawable share capital by The Channel Islands Co-operative Society Limited
(1) The
activity of The Channel Islands Co-operative Society Limited of accepting an
amount of withdrawable share capital from a natural person is a low risk
financial services business unless the amount accepted from the person exceeds £500
in a day.
(2) The
activity of The Channel Islands Co-operative Society Limited of returning an
amount of withdrawable share capital to a natural person is a low risk
financial services business unless the amount returned to the person exceeds £500
in a day.
(3) Parts 3,
3A and 4 of the Money
Laundering (Jersey) Order 2008 do not apply in respect of a low risk
financial services business described in this Article.
4A Local lending[2]
(1) The activity of lending to a borrower by a
local lender is a low risk financial services
business, provided that all of the conditions
specified in paragraph (2) are met.
(2) The conditions are –
(a) the local lender is
registered with the Commission only for the activity of lending under
Schedule 2 to the Proceeds of Crime (Jersey) Law 1999;
(b) the local lender must not
publicly solicit, advertise or promote the activity of lending;
(c) the money provided to a
borrower must be from –
(i) if the local lender is an individual, that
individual’s personal funds;
(ii) if the local lender is a
company, the funds of that company;
(d) all money must be paid to
and from accounts held with a person registered under the Banking Business (Jersey) Law 1991.
(3) If any of the conditions specified in
paragraph (2) cease to be met, the activity of lending will immediately
cease to be a low risk financial services business under this Article.
(4) Articles 7, 8, 9, 9A, 10, 11 and 11A
of the Money Laundering (Jersey)
Order 2008 do not apply in respect of a low risk financial services business
described in this Article.
(5) In this Article –
“borrower” means a
borrower –
(a) who is an individual who
is ordinarily resident in Jersey; or
(b) that is a company
incorporated in Jersey and –
(i) each member and director of the company is
an individual ordinarily resident in Jersey; and
(ii) each member holds their
shares in the company for their own benefit;
“Companies Law” means the Companies (Jersey) Law 1991;
“director” has the meaning
given in Article 1 of the Companies Law;
“local
lender” means a lender –
(a) who is an individual who
is ordinarily resident in Jersey; or
(b) that is a company
incorporated in Jersey and –
(i) the sole purpose of the company is to lend
to borrowers;
(ii) each member and director
of the company is an individual ordinarily resident in Jersey; and
(iii) each member holds their
shares in the company for their own benefit;
“member” has the meaning given in
Article 25 of the Companies Law;
“share” has the meaning given in Article 1
of the Companies Law.
5 [3]
6 Citation and
commencement
This Order may be cited as the Proceeds of Crime (Low Risk Financial
Services Business) (Jersey) Order 2024 and comes into force 7 days after
it is made.