Guidance to Schedule 2 Supervisory Bodies Law Registration Form - myJFSC (Revised January 2024)

Summary

This is a step-by-step guidance document explaining how to complete and submit the Schedule 2 Supervisory Bodies Law (SBL) Registration form through the myJFSC online portal. It does not address whether a business needs to register, only how to complete the online application once the need for registration has been established.

• Applicant details: Provide full, accurate business information including legal form, registered office, business and correspondence addresses, and contact details.
• Principal and key persons: Identify directors, shareholders holding 10% or more, the Money Laundering Reporting Officer (MLRO) and Money Laundering Compliance Officer (MLCO), and disclose any relevant convictions.
• Identity documentation: Upload certified copies of current passports for all Principal Persons and Key Persons via the form's upload pages.
• Activities and business profile: Select the registrable activities under the Schedules to the Proceeds of Crime (Jersey) Law 1999, describe the nature of the business, and provide projected employee numbers, income and customer figures.
• AML/CFT/CPF governance: Confirm whether a money laundering, terrorist financing and proliferation financing risk assessment has been performed, provide a Business Risk Assessment (BRA) if not already complete, disclose links to higher risk jurisdictions, and confirm AML/CFT/CPF policies, procedures and staff training.
• Virtual asset activities: Indicate whether the application relates to Virtual Asset Service Provider (VASP) activities and provide additional detail if so.
• Declaration and submission: Tick all required declarations and confirm submission using a one-time SMS or authenticator app token.

The JFSC conducts standard checks, including police record checks, on applicants and named individuals, and may request alternative documentation at its discretion. Applications are reviewed by the Authorisations team, who will contact the designated Primary Contact with queries before an application can be approved.

Key obligations

• Confirm all details with named parties before entering information into the application and ensure it is entered fully, accurately and without false or misleading statements.
• Disclose any convictions for anyone linked to the Applicant, including those specified under Article 14(4)(a) and/or 14(4)(b) of the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008.
• Provide certified copies of current passports for all Principal Persons and Key Persons (directors, shareholders holding 10% or more, MLRO, MLCO) via the form's upload functionality.
• If there is no director, partner or shareholder (e.g. sole trader), ensure individuals are named to the MLRO and MLCO positions.
• If no ML/TF/PF risk assessment has been performed or it is incomplete, provide a Business Risk Assessment as part of the application.
• Disclose whether the Applicant or a group member has refused, withdrawn or voluntarily revoked a prior application.
• Confirm and describe AML/CFT/CPF policies, procedures and training in place for relevant activities.
• If a Financial Institution or VASP with correspondent banking or similar relationships, confirm whether policies and procedures exist for those relationships.
• Complete and tick all required declarations before submitting the application, and verify submission using a one-time token sent via SMS or authenticator app.

Applies to

Applicants registering under Schedule 2 of the Proceeds of Crime (Jersey) Law 1999, Designated Non-Financial Businesses and Professions (DNFBPs), Virtual Asset Service Providers (VASPs)