This page aims to identify the specific legal and regulatory obligations for keeping records within the Jersey jurisdiction.
The Jersey Financial Services Commission AML/CFT Handbook states record keeping obligations, including but not limited to:
Article 19(2)(a) of the Money Laundering Order requires a relevant person to make and retain the following records: copies of evidence of identity or information that enables a copy of such evidence to be obtained; and all the supporting documents, data and information in respect of a business relationship or one-off transaction which is the subject of CDD measures.
Article 20 requires a relevant person to retain records in relation to evidence of identity for at least five years from the end of the relationship with the customer (or the completion of the one-off transaction). Article 20(5) provides for the Commission to require a relevant person to retain CDD information for a period that is more than five years.
Article 19(2)(b) of the Money Laundering Order requires a relevant person to make and retain a record containing details of every transaction carried out with or for the customer in the course of financial services business. In every case, sufficient information must be recorded to enable the reconstruction of individual transactions.
Article 20(3) requires a relevant person to retain records relating to transactions for at least five years from the date when all activities relating to the transaction are completed.
Article 20(5) provides for the Commission to require a relevant person to retain records of transactions for a period that is more than five years.
A relevant person must keep for at least five years adequate and orderly records to enable the Commission, internal and external auditors and other competent authorities to assess the effectiveness of systems and controls that are maintained by a financial services business to prevent and detect money laundering and the financing of terrorism.
A relevant person must keep adequate and orderly records documenting its policies and procedures to prevent and detect money laundering and the financing of terrorism for at least five years from the date those policies and procedures are superseded.
Please refer to the Companies (Jersey) Law 1991.
Under the Companies (Jersey) Law 1991, Except as provided by Article 194 (winding up of company), the accounting records that a company is required by Article 103 to keep must be preserved by it for at least 10 years from the date on which they are made.
Contracts and Limitation
It is understood that the position in Jersey is that there is no “all embracing” limitation statute that is analogous to the position in many other jurisdictions; please see http://www.lawcomm.gov.je/update/CP%20-%20Prescription%20and%20Limitation.pdf
In Jersey, the prescriptive periods for contract and tort are, as a general proposition, and subject to the caveat of seeking legal advice, a 10 year period and a 3 year period respectively.
Citations and References
The Jersey Financial Services Commission AML/CFT Handbook https://www.jerseyfsc.org/anti-money_laundering/regulated_financial_services_businesses/aml_cft_handbook.asp