Data for Risk Based Supervision

The Jersey Financial Services Commission (JFSC) on the 9th August published a consultation paper on Data for Risk Based Supervision.

These proposals will, in time, impact all Affected Businesses – those that are subject to the Money Laundering (Jersey) Order 2008 because they conduct financial services business in Jersey or are incorporated in Jersey and conduct such business overseas – as well as regulated persons not otherwise caught (persons conducting General Insurance Mediation Business).

The consultation paper can be downloaded from the JFSC’s Website on the consultations page, together with a response form for proving feedback on the proposals, with an accompanying covering letter, as follows:

› Consultation paper No. 7 on Data for Risk Based Supervision
› Response form
› Covering letter

This consultation was emailed to a contact for each Affected Business that is registered with the JFSC, typically to the Compliance Officer or Money Laundering Compliance Officer.

Recipients are requested to ensure that appropriate persons, including CEOs, are made aware of the consultation paper and the covering letter.

The proposals are intended to provide a starting point for work in 2018 and beyond on the collection of data relating to:

› The scale of entities, to support assessment of the impact of risks
› The customer base of entities, to provide a better understanding of inherent risk
› Key risk indicators, such as financial ratios, SARs data and staffing levels

The consultation period will run until 8 November 2017 and feedback is invited from all interested parties, either directly or via Jersey Finance.

We will be arranging a series of workshop events as follows, which will provide an opportunity for you to raise questions with us. Invitations will be circulated shortly:

› Thursday 5 October – AM
› Thursday 5 October – PM
› Friday 6 October – AM

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