Online tool to determine if the recent changes to Jersey's AML/CFT regime applies to an entity

The position regarding individuals is still under discussion with the JFSC. Accordingly, save in clear cases where you are holding yourself out as conducting one or more of the activities listed in the FAQs of our guidance note, please contact Carey Olsen for further advice.

Likely In Scope but may not be Registrable

Any Jersey entity acting as a trustee is likely to be in scope.

If the trustee does not hold itself out as providing trustee services generally and does not make a profit from its activities, then registration may not be necessary so long as some specific AML/KYC process requirements are met as set out in the Proceeds of Crime (Duties of Non-Professional Trustees) (Jersey) Order 2016.

Otherwise, registration will be necessary, although if the trustee/trust is currently administered by a regulated Jersey trust or fund services business, the consequences will mainly take the form of administrative compliance that replicates work already done and you are likely to be able to appoint them as your AML Services Provider. 

Please contact Carey Olsen for advice on the consequences for your specific circumstances. 

Public Funds – In Scope but Not Registrable

If the entity is a regulated public Jersey Collective Investment Fund (including Expert and Listed Funds) or a service provider to a fund of that class (whether in Jersey or elsewhere) then it is in scope but will not need to register as it is already regulated under relevant Jersey laws. 

Private Funds – Likely In Scope and Registrable

If the entity is a Jersey Private Fund (or a Jersey non-public fund regulated under historic policy) then it will need to register. If the entity is a service provider to a fund of that class (whether in Jersey or elsewhere) then it will need to register unless it can demonstrate that the services are not provided by way of business (which is unlikely unless it is under common beneficial ownership with the fund itself or does not make any profit from the relevant services).

Please contact Carey Olsen for advice on the consequences for your specific circumstances or if the entity is a non-fund AIF, an unregulated fund vehicle or service provider to those structures. 

Likely In Scope and Registrable but case-by-case analysis may be required

Many structures issuing securities to third parties (i.e. through some sort of prospectus or other offer document) and their service providers may be in scope – this is particularly the case where the securities are quasi-equity in nature and service providers are appointed to manage the assets acquired with the proceeds of issue. However, we are working on an analysis to take certain debt issuance vehicles out of scope and advice should be sought. 

Likely Out of Scope 

Where an SPV entity has been established for a specific purpose and only provides services to group or connected (e.g. joint venture) entities, those entities are unlikely to constitute "customers" and so the structure is unlikely to be in scope.

If the factors do not precisely fit the question, or there are other relevant factors, please contact Carey Olsen for further advice. 

In Scope but Not Registrable

Entities carrying on these activities should already be regulated under applicable Jersey law. Accordingly, they will be in scope but will not need to register as already regulated under relevant Jersey laws. 

Likely In Scope and Registrable

Please contact Carey Olsen for further advice.