In 2018 we began collecting data from the businesses and individuals we supervise in order to support our approach to risk-based supervision.
The data includes organisational/footprint data, compliance data for anti-money laundering /countering the financing of terrorism, and data about regulated businesses' customers.
To date we have used the data we have collected for two purposes:
- To improve our understanding of the activities undertaken by a supervised business and to populate our risk model
- To assist the teams working on the National Risk Assessment (NRA) in understanding the activity undertaken by each sector and to ensure that conclusions were evidence-based. This was using the data in an aggregated format.
By continuing to collect this data we can update our risk model on a regular basis, apply our supervisory resources in an efficient, risk-based manner and assist the Government of Jersey as they refresh the NRA. This is particularly important to help us build a track record of effective risk-based supervision ahead of Jersey’s next mutual evaluation by MONEYVAL and continually improve the understanding of money laundering and terrorist financing risks present in the industry.
We appreciate the work regulated businesses continue to undertake to meet our requests.
Contact your Supervisor or Supervision team with any queries about the data collection exercise.
Guidance for 2021 data collection exercise
Requirements and deadlines for 2020 data collection exercise
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