Jersey Finance has welcomed new regulations which came into force this month (1 September), designed to bolster Jersey’s anti-money laundering framework and strengthen its position in facilitating high quality digital assets business.

The new regulations, which were approved in July this year following a public consultation, introduce a ‘travel rule’ for businesses undertaking the transfer of digital assets – Virtual Asset Service Providers (VASPs) and Money or Value Transfer Services (MVTS).

Under the new rules, which align Jersey’s anti-money laundering and financial crime framework with FATF requirements, the accurate details of both senders and recipients are now required to be obtained and disclosed to counterpart VASPs or financial institutions when transfers are made.

Commenting on the enhanced regulations, Joe Moynihan, CEO, Jersey Finance, said:

“Jersey is fully focussed on supporting high quality, innovative digital assets business, within a high-quality regulatory environment. With that in mind, I welcome these amendments, which bolster our anti-money laundering capabilities, bring clarity to our digital assets ecosystem and strengthen our proposition for crypto and wider virtual assets work. They reflect our commitment to combatting financial crime, while underlining our ambitions as a forward-thinking international finance centre.”

The full approved amendments can be found on the Jersey Legal Information Board website.