Notification of change to MLCO / MLRO for Money Service Business

Summary

This is a JFSC notification form used by a small money service business (MSB) - one with a turnover under £300,000 for the last completed financial period - to inform the Commission of a change in its Money Laundering Compliance Officer (MLCO) or Money Laundering Reporting Officer (MLRO). It applies to MSBs that have notified the JFSC under the exemption regime rather than holding a full registration.

• Who must use it: MSBs that have notified the JFSC under Article 4 of the Financial Services (Money Service Business (Exemptions)) (Jersey) Order 2007 because their MSB turnover is below £300,000.
• When it is triggered: Whenever a new MLCO or MLRO is appointed, or an existing MLCO or MLRO ceases to act.
• How to submit: Complete Sections A, B and C and email the form to centralsupport@jerseyfsc.org; paper copies are not accepted.
• Legal basis: Notification requirement arises under Articles 7(6) and 8(4) of the Money Laundering (Jersey) Order 2008.
• Consequence of non-compliance: Article 37(4) of the Proceeds of Crime (Jersey) Law 1999 makes failure to comply with a requirement of the Money Laundering (Jersey) Order 2008 an offence punishable by a fine.

The form also includes standard Data Protection (Jersey) Law 2018 notices about how JFSC may use and share the submitted information.

Key obligations

• Notify the JFSC of the appointment of a new MLCO or MLRO, or of an MLCO/MLRO ceasing to act, within one month of the date that event takes effect
• Submit the completed notification form (Sections A, B and C) by email to centralsupport@jerseyfsc.org, as paper copies are not accepted

Applies to

Money service businesses (MSBs) that have notified the JFSC under the exemption order due to turnover below £300,000

Deadlines

• within one month after the date the appointment of a new MLCO or MLRO takes effect, or the individual ceases to act: Deadline to notify the JFSC of a change in MLCO or MLRO