The Jersey Financial Services Commission has published a consultation paper on tougher criminal background checks for principal and key persons.

In a statement, the island regulator said the proposals sought to "strengthen our current regulatory regime to prevent criminals and their associates from owning, controlling or being in a position of key influence in a Jersey supervised person to meet international AML/CFT/CPF requirements.

"Our proposals aim to achieve this in a proportionate, cost-efficient manner that does not adversely impact the competitiveness and attractiveness of Jersey as a place to do business."

The consultation paper covers why it is consulting, the introduction of the requirement to provide criminal record certificates, what level of criminal record checks will be required, how to obtain a criminal record checks, when a principal or key person would have to submit criminal record checks and related amendments to supervised persons obligations in its AML/CFT/CPF handbook and the General Insurance Mediation Business Codes of Practice
requisite changes to myProfile and myJFSC and relevant forms.

It also outlines its proposed timeframe for the introduction of the proposed regime and ancillary changes to its annual supervisory risk data collection

The statement further said: "It is not currently intended that non-profit organisations (NPO) will be subject to the proposals set out in our consultation paper. We have taken this approach in order to align with the Financial Action Task Force Recommendation 8 requirements that state countries should apply proportionate measures to the oversight of NPOs."

Feedback can be submitted until end of play on Wednesday 26 March 2025.