Consultation on enhancements to criminal background checks (No. 1 2025)

Summary

This is a JFSC consultation paper (issued 29 January 2025) proposing to strengthen criminal background check requirements for individuals in significant roles at Jersey supervised persons, responding to MONEYVAL's fifth-round evaluation findings and FATF recommendations. It sets out a Proposed Regime, not yet in force, and invites industry feedback before finalisation.

• DBS checks: Proposes requiring a certified copy of a current DBS check (or foreign equivalent) from individuals applying to be, or acting as, a principal person (PP, including directors, beneficial owners and controllers) or key person (KP, including MLRO, MLCO and compliance officer) of a supervised person.
• Trigger points: Checks would be required at first application, on defined subsequent events, and on a rolling 3-year refresh basis for ongoing PPs/KPs.
• Fit and proper reviews: Supervised persons would be required to regularly reconsider whether their PPs and KPs remain fit and proper to hold their roles.
• Scope extension: The regime would also extend to registered persons of general insurance mediation business and their PPs/KPs; NPOs are proposed to be excluded.
• Code amendments: Would be implemented via new requirements in the AML/CFT/CPF Handbook Codes of Practice and corresponding amendments to the GIMB Code, plus updated myJFSC application/notification forms.

The paper proposes an indicative timetable: an 8-week consultation period from 29 January to 26 March 2025, publication of the feedback paper and amended Handbook/codes around 7 May 2025, and the amended Handbook and codes taking effect on 10 September 2025. Requirements would not apply retrospectively, with time periods running from the Commencement Date. Comments can be submitted directly via SmartSurvey or coordinated through Jersey Finance Limited.

Key obligations

• Interested parties wishing to respond must submit comments by 11:59pm on 26 March 2025, either via the SmartSurvey response form or, for a coordinated industry response, to Jersey Finance Limited by the same date.
• Under the Proposed Regime (not yet in force), PPs and KPs of supervised persons and registered persons of general insurance mediation businesses would need to provide a certified copy of a current DBS check (or foreign equivalent) at first application, on defined events, and at least once every 3 years.
• Under the Proposed Regime, supervised persons would need to regularly assess and document whether their PPs and KPs remain fit and proper to hold their roles.

Applies to

supervised persons, registered persons of general insurance mediation business, individuals who are principal persons (PPs), individuals who are key persons (KPs), including MLROs and MLCOs, applicants applying to become supervised persons

Deadlines

• 26 March 2025: Deadline (11:59pm) for submitting written comments on the consultation via SmartSurvey or through Jersey Finance Limited.
• 07 May 2025: Proposed date for publication of the feedback paper and the amended Handbook and Codes of Practice.
• 10 September 2025: Proposed effective date for the amended Handbook and codes implementing the Proposed Regime.