EU
Legislation (Information Accompanying Transfers of Funds) (Amendment) (Jersey)
Regulations 2023
Made 18th July 2023
Coming into
force 1st September 2023
1 EU Legislation (Information
Accompanying Transfers of Funds) (Jersey) Regulations 2017 amended
These Regulations amend
the EU
Legislation (Information Accompanying Transfers of Funds) (Jersey) Regulations 2017.
2 Regulation
1 (interpretation) amended
In Regulation 1 –
(a) before the definition
“payee” there is inserted –
“ “money or value transfer
service provider” means a person who provides a money or value transfer service
within the meaning given in paragraph 5 in Part 2 of Schedule 2
to the Proceeds of Crime (Jersey)
Law 1999;”;
(b) after the definition
“payer” there is inserted –
“ “payment service
provider” means a person, being a person registered under the Banking Business (Jersey)
Law 1991 or who is a virtual asset service provider or a money or value
transfer service provider, when –
(a) the
person is carrying out payment services in or from within Jersey; or
(b) being
a legal person established under Jersey law, the person is carrying out payment
services in any part of the world other than in or from within Jersey;”;
(c) after the definition
“Regulation (EU) 2015/847” there is inserted –
3 Regulation 2A (virtual
assets) inserted
After Regulation 2 there
is inserted –
(1) Despite any other provision under these
Regulations, a payment service provider is exempt from the requirements and
application of Regulation (EU) 2015/847, as it has effect in Jersey under
Regulation 2, in respect of a transfer of virtual assets equivalent to less than
EUR 1,000 if the payer and payee are both virtual asset service providers.
(2) Despite
any other provision under these Regulations, if a payment service provider
considers that there is a higher risk of money laundering in respect of a
transfer of virtual assets, the payment service provider must comply with the Regulation
(EU) 2015/847, as it has effect in Jersey under Regulation 2, irrespective
of the amount transferred, if –
(a) the payer is a virtual
asset service provider and the payee is not a virtual asset service provider;
or
(b) the payer is not a
virtual asset service provider and the payee is a virtual asset service
provider.”.
4 Regulation
3 (offences) amended
In Regulation 3(6), the definition “payment service provider” is
deleted.
5 Schedule amended
In the Schedule, in
paragraph 5, after sub-paragraph (c) there is inserted –
“(ca) in paragraph (8) after
“Article 4 of Directive 2007/64/EC” there is inserted “or virtual assets”;”.
6 Citation and commencement
These Regulations may be
cited as the EU Legislation (Information Accompanying Transfers of Funds)
(Amendment) (Jersey) Regulations 2023 and come into force on 1st September 2023.