Consultation on Schedule 2: proposed amendments to the Article 36 guidelines (No. 9 2025)

Summary

This is a JFSC consultation paper proposing amendments to the guidelines on interpretation issued under Article 36(2) of the Proceeds of Crime (Jersey) Law 1999 (the Guidelines), which help determine whether a person's activities amount to Schedule 2 financial services business requiring registration under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008. The revisions aim to clarify the scope test, particularly the difficult 'as a business' element, and to future-proof guidance on fund and security services activities ahead of planned repeal of the Control of Borrowing regime.

• Schedule 2 gateways: Introduces a structured three-part test (Activity Gateway, 'As a Business' Gateway, Jersey Nexus Gateway) to determine whether registration is required.
• 'As a business' clarification: Revises the test for whether an activity is 'conducted as a business' using two cumulative criteria: acting on a business, professional or commercial basis, and the presence of a customer.
• Jersey Nexus Guidance: Incorporates existing guidance on the meaning of 'in or from within Jersey' as an annex, and clarifies it also applies under the Money Laundering (Jersey) Order 2008.
• Fund and security services activities: Revises and future-proofs interpretive guidance on this activity given the planned repeal of the Control of Borrowing (Jersey) Order 1958.
• Possible public register expansion: Seeks views on whether the JFSC should publish basic information (name and activity) for all persons registered for Schedule 2 business, not just virtual asset service providers as at present.

The proposals mainly affect persons already registered for Schedule 2 business, those assessing whether they need to register, and industry bodies or advisers supporting AML/CFT/CPF compliance. This is a consultation only; nothing in the paper currently amends binding requirements, but responses will inform a revised set of Guidelines with a proposed effective date of 30 April 2026.

Applies to

persons registered for Schedule 2 business, persons assessing whether they must register for Schedule 2 business, industry bodies and professional advisers supporting AML/CFT/CPF compliance, virtual asset service providers

Deadlines

• 17:00 on 30 January 2026: Deadline to submit feedback on the consultation to the JFSC (or to Jersey Finance Limited if via the industry-coordinated response).
• 1 April 2026: JFSC plans to publish feedback to the consultation, including detail on the final revised Guidelines and rollout plan.
• 30 April 2026: Proposed effective date for the revised Article 36 Guidelines.