Schedule 2 - Other Specified Business Fees Notice 2024

Summary

This JFSC notice sets the fees payable for 2024 by registered persons carrying on Schedule 2 business under Jersey's Proceeds of Crime (Supervisory Bodies) Law 2008, excluding firms of accountants and lawyers (who are covered elsewhere). It covers application, annual, amendment and late fees for Financial Institutions, DNFBPs and Virtual Asset Service Providers, plus a special fee structure for certain ICC/PCC Security Issuer Platforms. The fees apply for the period 1 January to 31 December 2024.

• Application fee: Payable at the time of application and non-refundable; amounts vary by category (Financial Institutions, DNFBPs, Virtual Asset Service Providers) and whether the applicant applied directly or via an AMLSP, with reduced rates for sole traders and a £0 fee for AIFs/JPFs.
• Annual fee: Payable by all persons registered with the JFSC as at 31 December of the preceding year; due four weeks from receipt of invoice, with a 5% late payment surcharge applied monthly if unpaid.
• Fee information deadline: Firms that fail to supply information needed to calculate their annual fee by 24 May 2024 face a £100 administration fee, repeated monthly until the information is provided, in addition to any late payment fee.
• Amendment fee: Payable when applying to change a registered person's name or to add, alter or remove registration conditions, per the rates in Schedule 4.
• Late filing fee: A registered person that fails to file or deliver a required document by its due date is liable for £100 per complete month or part month the document remains outstanding, unless the JFSC has agreed in writing to a later date.
• ICC/PCC Security Issuer Platforms: Structures meeting specific commonality criteria (same promoter, beneficial owners, majority directors, service providers, etc.) pay per-cell application and annual fees under Schedule 3, capped at £19,059 in total annual fees.

Key obligations

• Registered persons must pay the application fee at the time of application (non-refundable).
• Registered persons on the register as at 31 December of the preceding year must pay the annual fee within four weeks of receiving the invoice.
• Firms must supply the information needed to calculate their annual fee by 24 May 2024 or incur a recurring £100 administration fee.
• Registered persons must pay an amendment fee when applying to change their name or alter/remove registration conditions.
• Registered persons must file or deliver required documents by their due date or incur a £100 per month late filing fee.
• ICC/PCC Security Issuer Platforms meeting the specified criteria must pay application and annual fees on a per-cell basis under Schedule 3, subject to a £19,059 annual cap.

Applies to

Registered persons under the Proceeds of Crime (Supervisory Bodies) (Jersey) Law 2008, Financial Institutions (Schedule 2, Part 2, excluding AIFs and JPFs), Alternative Investment Funds (AIFs) and Jersey Private Funds (JPFs), Designated Non-Financial Businesses and Professions (DNFBPs), Virtual Asset Service Providers, ICC/PCC Security Issuer Platforms/Schemes

Deadlines

• 1 January - 31 December 2024: Period for which the fees set out in this notice are effective.
• four weeks from receipt of the invoice: Due date for payment of the annual fee to the JFSC.
• 24 May 2024: Deadline for firms to supply information needed to calculate their annual fee, after which a £100 administration fee applies monthly until provided.
• each complete month or part thereof after the due date: Recurring £100 late filing fee for documents not filed or delivered on time.

Related documents

• Schedule 2 - Other Specified Business Fees Notice 2025 replaces this document