Channel Bank (Jersey) Limited

Retain CDD records, SAR records, supporting evidence and internal escalation notes for at least five years.

Deliver AML/CFT training to all relevant employees on appointment and at regular intervals thereafter, with attendance recorded.

Maintain anti-bribery and corruption policies, including gift and hospitality registers and third-party due diligence.

Maintain reasonable prevention procedures against the facilitation of UK and foreign tax evasion (CFA 2017 extraterritorial reach).

Operate a confidential whistleblowing channel and protect employees who raise concerns in good faith.

Maintain a documented, board-approved AML/CFT business risk assessment, reviewed at least annually.

Identify and verify the beneficial owner of every customer, including natural persons exercising ultimate effective control.

Apply enhanced due diligence to higher-risk customers, products, jurisdictions and delivery channels.

Conduct ongoing monitoring of business relationships, including transaction scrutiny and periodic refresh of CDD information.

Screen all customers and beneficial owners against PEP and sanctions lists at onboarding and on an ongoing basis.

Obtain senior management approval before establishing or continuing a PEP relationship and establish source of wealth and funds.

Do not structure arrangements or refrain from action to evade Banking Code responsibilities or their consequences.

Avoid conflicts of interest, or manage them through disclosure, information barriers, or declining to act.

Execute lawful customer instructions promptly and accurately on a best-endeavours basis.

Operate a whistleblowing channel allowing employees to raise concerns confidentially to the board or senior management, bypassing line management.

Jersey-incorporated banks must maintain at least two Jersey-resident directors, an appropriate number of NEDs, and documented director-selection procedures.

Jersey branches must appoint a resourced local management function and a designated appointed senior officer outside Jersey.

Maintain a board-approved, documented and implemented risk management strategy covering identification, assessment, monitoring and control of all significant risks.

Produce timely management information sufficient to monitor business performance and risk exposures.

Disclose JFSC regulated status to customers.

Communicate with customers in a way that is adequate, fair and not misleading, and confirm transactions in legible form.

Jersey-incorporated banks must hold a minimum of £5 million Tier 1 capital at all times.

Obtain prior JFSC approval (LE25) for any exposure to a counterparty or group of connected counterparties exceeding 25% of agreed capital resources.

Hold capital commensurate with the nature, scale and full risk profile of the business (beyond the absolute minimum).

Report every counterparty (or connected-counterparty group) exposure above 10% of ACR in the quarterly prudential return.

Keep the aggregate of Large Exposures (excluding CL and Guaranteed Large Exposures) at or below 800% of ACR.

Manage liquidity proportionate to the nature, scale and risk profile of the business.

Continuously monitor the Liquidity Coverage Ratio (or the LMR if the JFSC has agreed a variation).

Maintain an ICAAP document covering capital and liquidity adequacy; notify the JFSC within five business days of any board-approved amendments.

Notify the JFSC in writing as soon as aware of any matter affecting registration or in the customers' interest to disclose, including mitigation steps.