The AML/CFT/CPF Handbook issued by the Jersey Financial Services Commission (JFSC) outlines mandatory requirements and guidance for all supervised persons under the Money Laundering (Jersey) Order 2008. It implements international standards including FATF Recommendation 16, known as the Travel Rule, and applies to a wide range of businesses conducting financial services in or from Jersey. The Handbook aligns Jersey’s regulatory framework with FATF expectations and ensures robust transparency for fund transfers.

Wire Transfers Regulations

Jersey’s legal instrument for implementing WTR is the EU Legislation (Information Accompanying Transfers of Funds) (Jersey) Regulations 2017, referred to in the Handbook as the Wire Transfers Regulations. These require payment service providers (PSPs) to collect, verify, and transmit specific information about the payer and payee in each wire transfer. This ensures transparency and traceability of transactions across the financial system.

The Regulations apply to both account holders and non-account holders, and also address transfers sent in batch files. Where intermediaries are involved, each institution in the chain must ensure that accompanying information remains intact or is reconstructed if missing. A failure to provide complete originator and beneficiary data may result in the return or rejection of the transfer, and repeated breaches must be reported.

Key Requirements for PSPs

For outgoing transfers, the PSP of the payer must ensure that all requisite data such as name, account number, address or identification number, and the payee's details accompanies the transfer. Transfers initiated by non-account holders are also in scope, requiring the same level of identification and monitoring.

For incoming transfers, the PSP of the payee must check that this information is included and verify its accuracy. If information is missing, incomplete, or contains inadmissible characters, risk-based measures must be applied to determine whether to process, reject, or further investigate the transaction. These measures aim to prevent circumvention of the Travel Rule through technical or procedural loopholes.

Intermediary Payment Service Providers

The Handbook recognises that intermediary PSPs (IPSPs) have a distinct role in maintaining data integrity throughout the payment chain. IPSPs are required to retain complete originator and beneficiary information, detect missing data, and apply appropriate risk-based procedures when such gaps are found. They must report failures to other regulated entities and to the JFSC as necessary.

Information Retention & Data Protection

All information related to wire transfers must be retained for at least five years and be accessible to law enforcement and regulatory bodies. This includes data on the originator, the beneficiary, transaction purpose, and any linked due diligence. PSPs are also required to comply with applicable data protection standards to ensure the secure handling of personal information during and after transfers.

Sanctions & Enforcement

Failure to comply with Jersey’s wire transfer obligations may lead to both criminal and civil sanctions. Offences under the Money Laundering Order or the Wire Transfers Regulations can lead to unlimited fines and custodial sentences. Additionally, the JFSC can impose regulatory sanctions, including public statements, licence conditions, and civil financial penalties against individuals and institutions that breach WTR-related duties.

Sector-Specific Considerations

Section 11 of the Handbook outlines the detailed expectations for wire transfers and must be read alongside other sections such as customer due diligence, record keeping, and reporting suspicious activity. The Handbook also acknowledges the need for enhanced scrutiny in high-risk scenarios, such as cross-border transactions involving high-risk jurisdictions or politically exposed persons.

Conclusion: WTR Compliance Integration

The AML/CFT/CPF Handbook integrates Wire Transfer Regulation into Jersey’s broader anti-financial crime framework by setting out detailed obligations for PSPs and intermediaries. It ensures that the transmission of originator and beneficiary data is enforced consistently across domestic and cross-border fund movements. With clear rules on data collection, verification, retention, and enforcement, Jersey meets FATF’s Travel Rule expectations and upholds financial system integrity through proactive wire transfer monitoring.