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Jersey’s National Risk Assessment of Money Laundering and Terrorist Financi...

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The Royal Yacht

The Weighbridge

JE2 3NF Saint Helier

Jersey

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On the 7th March the JFSC issued Communique 2 pursuant to Consultation Paper No.7 2017 “Data for Risk-based Supervision”. This explains in some detail the revised approach to the collection of data for AML/CFT risk-based supervision and explains how data is to be collected in 2018 and beyond.

The JFSC Data Collection Initiative is supported by the States of Jersey in its efforts to complete the national risk assessment exercise.

The ability of license holders to extract and digitally report the data now required of them is limited. Many are grappling with legacy, disjointed data infrastructure which makes data extraction, analysis and disclosure at best very difficult, and at worst impossible. Complying with the new data disclosure requirements will involve huge compliance resource.

KYC Global Technologies has developed ‘Panoptic’, a dynamic data extraction, aggregation, alerting and reporting tool that transforms the way businesses manage and report data on customer relationships to their advantage. The technology can genuinely be described as ‘next generation’ and will reduce by over 90% the compliance effort required to assemble and rationalise the data requested by the Commission.

At this seminar Stephen Platt and Tom Devlin will examine the Commission’s data disclosure requirements, consider the challenges and demonstrate how Panoptic can materially improve standards of risk governance and disclosure whilst achieving significant cost savings.


Lunch will be provided

CPD: 60 minutes

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Date and Time

Location

The Royal Yacht

The Weighbridge

JE2 3NF Saint Helier

Jersey

View Map

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