Feedback on Consultation No.1 2023: Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008 - Fees for registered persons

Summary

This is JFSC's feedback paper on Consultation No. 1 2023, which proposed changes to application and amendment fees payable by registered persons under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008. JFSC received one response, decided to proceed with the proposed fee changes largely unchanged, and published a revised Fees Notice (Appendix A) that is now in force.

• Scope: Applies to registered persons carrying on specified Schedule 2 business under the Proceeds of Crime (Jersey) Law 1999, including estate agency services, lending, designated non-financial businesses and professions (DNFBPs), virtual asset service providers (VASPs), and financial institutions (including AIFs and JPFs), but excluding firms of accountants and firms of lawyers.
• Key change: A 40 percent discount applies to application and amendment fees where the application is made via an Anti-Money Laundering Services Provider (AMLSP) rather than directly, reflecting reduced review effort; there is no separate fee for acting as an AMLSP itself.
• Annual fee: Calculated per Schedule 1 as a base fee (Sole Trader £500; other firms £1,060) plus £235 per average relevant employee, capped at £46,160, and payable by all persons registered as at 31 December of the preceding year.
• Application and amendment fees: Set out in Schedules 2 and 3, varying by business type and by whether the application is direct or via an AMLSP; application fees are non-refundable and due at time of application.
• Late payment and late filing: A 5 percent monthly late payment fee applies to unpaid annual fees after the due date; a £100 monthly administration fee applies if fee-calculation information is not supplied by 31 March; and a £100 per month late filing fee applies for documents not filed or delivered by their due date.

The Fees Notice took effect from 30 January 2023 and covers the fee period 1 January 2023 to 31 December 2023.

Key obligations

• Registered persons must pay the annual fee (calculated per Schedule 1) in full on or before 31 March each year.
• Registered persons must pay a non-refundable application fee (per Schedule 2) at the time of application, with a reduced rate if applying via an AMLSP.
• Registered persons must pay an amendment fee (per Schedule 3) when applying to change their registered name or alter/add/remove registration conditions.
• Registered persons must supply required fee-calculation information by 31 March or incur a £100 monthly administration fee.
• Registered persons must pay a 5 percent monthly late payment fee on any unpaid annual fee balance after the due date.
• Registered persons must pay a £100 fee for each month or part-month that a required document remains unfiled or undelivered past its due date, unless late filing has been agreed in writing with the JFSC in advance.

Applies to

Registered persons under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008, Financial institutions (Schedule 2, Part 2), Alternative Investment Funds (AIFs), Jersey Private Funds (JPFs), Designated non-financial businesses and professions (DNFBPs), Virtual Asset Service Providers (VASPs), Anti-Money Laundering Services Providers (AMLSPs), Sole traders

Deadlines

• 31 March: Due date for payment in full of the annual fee, and deadline for supplying fee-calculation information before an administration fee applies.
• 30 January 2023: Effective date of the revised Fees Notice.
• 1 January 2023 to 31 December 2023: Period covered by the fees set out in the Fees Notice.