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 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 and apply our supervisory resources in an efficient, risk-based manner. 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.
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.