Supervision

At the JFSC, we operate a risk-based approach to our supervisory activities, ensuring that we deploy our resources to those businesses that pose the greatest potential regulatory risk to Jersey's reputation as an international finance centre.

The Supervision division's primary function is to oversee regulated businesses and individuals to ensure they meet their relevant legal and regulatory obligations.

Central Authorisations

Central Authorisations is a centralised unit for authorisation and cessation activities for all regulated businesses, products and individuals. This unit is our first line of defence in our supervisory model and works closely with all of our frontline supervisory units.

[email protected]

Financial Crime Examination Unit

This team is a dedicated financial crime examination unit, focusing on anti-money laundering /countering the financing of terrorism/ countering proliferation financing, targeted sanctions and anti-bribery and corruption.

The team coordinates and delivers a programme of examinations, ensuring businesses are complying with statutory and regulatory requirements relating to financial crime.

[email protected]

Supervision Examination Unit

Our Supervision Examination Unit is responsible for coordinating and delivering a dedicated programme of examinations across all sectors of Jersey’s regulated community.

This team’s primary focus is to conduct a programme of thematic examinations and examinations in response to a known or perceived risk within a particular entity.

[email protected]

Relationship Managed Supervision

We have four sector specific Relationship Managed Supervision teams:

• Trust Company Business
• Fund Services Business
• Banking (including lenders and money services businesses)
• Investment and Insurance Business (including general insurance mediation business)

Supervisors in these teams remain sector-focused, ensuring we retain specialist knowledge. They manage a portfolio of businesses on a risk-based approach which involves increasing face-to-face activities and regular dialogue, through onsite examinations, outreach and periodic meetings.

Regulated Businesses supervised by the Relationship Managed teams will have dedicated supervisors allocated to the supervision of their business and there is no central email address for this team. Should a supervisor be absent from the office, we have arrangements in place for dealing with correspondence in their absence.

DNFBP/NPO/VASP Supervision

Our DNFBP/NPO/VASP team supervises Designated Non-Financial Businesses and Professions (DNFBPs), Non-Profit Organisations (NPOs) and Virtual Asset Service Providers (VASPs). Businesses in this team include lawyers, accountants and estate agents with the supervisory focus being on anti-money laundering, countering the financing of terrorism and countering proliferation financing.

Our strategy for supervising these businesses is built on thematic examinations, entity risk examinations (where the specific risk is above our own risk tolerance) and outreach to industry.

[email protected]

Heightened Risk Response (HRR)

The HRR team supports the effective risk-based supervision of businesses where serious regulatory concerns have been identified, which result in the need for intensified supervisory focus.

HRR supports Supervisors, of all sectors, by overseeing a business’s effective, timely and sustainable remediation of matters giving rise to serious regulatory concerns.

[email protected] 

Regulatory Maintenance

Regulatory Maintenance provides support to industry and our other Supervision teams for day-to-day activities, easing the administrative burden for supervisors so they can focus their efforts on where the greatest risks lie.

[email protected]