The new Jersey legislation will affect anyone employed in any business or profession where money laundering or financing of terrorism could take place.
This includes not only those in financial services, but also lawyers, accountants, insolvency practitioners, estate agents, casino operators, jewellers, antique dealers, art dealers, motor traders – in fact anyone who receives large sums of cash in return for high-value goods.
The new rules will mean that these businesses will need to register with the Jersey Financial Services Commission, pay an annual fee, and comply with any requirements the Commission may decide, such as providing documented evidence of sources of payments and client details.
