Money Service Business Application Form (Financial Services (Jersey) Law 1998)

Summary

This is the JFSC application form that must be used by any firm seeking registration to carry on money service business (bureau de change, cheque cashing, money transmission, or transmitting/receiving funds electronically) under Article 9 of the Financial Services (Jersey) Law 1998. It sets out mandatory submission requirements, the information the applicant must disclose, and the declarations that must be signed before an application will be considered.

• Submission package: Applicants must submit a completed paper application form, a cheque for the registration fee, a draft Business Risk Assessment per the AML/CFT Handbook, and confirmation that draft AML/CFT policies and procedures exist.
• Form format: The prescribed form must be used exactly (online-completed and printed, or printed and hand-completed in black ink block capitals); deviation may invalidate the application, and unanswered questions or incomplete forms may mean the application is not duly made under Article 8.
• Disclosure content: The form requires details of the applicant's status, ownership/beneficial ownership and group structure, Principal Persons (who must also submit myProfile applications), business background and transaction volumes, and a lengthy fitness-and-propriety questionnaire covering past regulatory action, insolvency, convictions, settlements and investigations.
• Business plan: A three year business plan covering forecasts, organisation charts for Principal Persons and compliance, outsourcing arrangements, and how the applicant will meet the Money Service Business Codes of Practice must accompany the application.
• Declaration and record-keeping: Two authorised signatories must sign a declaration confirming accuracy of information, and the applicant must keep a copy of the submitted form and supporting documents, and must notify the JFSC immediately of any significant change to the information given.
• Offence warning: Knowingly or recklessly providing false or misleading information in a material particular is a criminal offence under Article 28 of the FS(J)L.

The form itself does not state a filing deadline; it is a standing application template used whenever a firm applies for money service business registration.

Key obligations

• Applicants must submit a completed paper application form together with all supporting documents to the JFSC's Money Service Business Authorisation office.
• Applicants must submit a cheque for the registration fee payable to the Jersey Financial Services Commission.
• Applicants must submit a draft Business Risk Assessment as required by the AML/CFT Handbook.
• Applicants must confirm they have draft AML/CFT policies and procedures to ensure compliance with statutory and regulatory obligations.
• All Principal Persons and, for overseas applicants, the individual(s) with local management responsibility in Jersey must submit myProfile applications.
• Applicants must answer all questions on the form or clearly state where a question is not applicable.
• Applicants must provide an accompanying three year business plan including organisation charts, outsourcing details, and how the applicant intends to meet the Money Service Business Codes of Practice.
• The applicant must keep a copy of the submitted application form and supporting documents for its own records.
• The applicant must notify the JFSC immediately of any significant change to the information given in the application form.
• The application must be signed by two duly authorised persons on behalf of the applicant.
• It is a criminal offence under Article 28 of the FS(J)L to knowingly or recklessly provide false or misleading information in a material particular.

Applies to

money service businesses, bureau de change operators, cheque cashers, money transmission service providers, firms transmitting or receiving funds by wire or electronic means