2023 Risk data collection consultation paper
Today, we have published a consultation paper detailing a number of new questions proposed for inclusion in the next annual risk data collection exercise. All sectors will be impacted by the changes to some degree. We therefore recommend you review the consultation paper to assess its impact on your business.
The new questions will be requested in addition to the questions posed in our existing annual data collection exercise. The new questions will better inform our AML/CFT/CPF risk understanding as well as our developing conduct and prudential risk strategies.
The proposed new questions will cover a range of topics:
- More granular data on certain information already provided.
- Permanent inclusion of the wire transfer data request made in January 2023 which was used to inform Jersey’s TF National Risk Assessment refresh.
- Additional questions specific to sanctions monitoring.
- A range of questions to inform our conduct of business inherent risk understanding.
- Volume and value of deposits and lending activity within the banking sector.
- Volume and value of securities transactions and assets under custody in the investment business sector.
Legal Persons and Legal Arrangements (LPA)
- Permanent inclusion of the LPA data requests made in 2022/2023 which were used to inform Jersey’s July 2023 LPA National Risk Assessment.
Non-Profit Organisations (NPOs)
- All NPOs will be asked to provide an update on existing data and to respond to two new questions regarding the names of the NPO’s controllers and the number of connections it has to politically exposed persons (PEPs).
The deadline for feedback on the paper is 1 December 2023.
We will be providing outreach engagement with industry through working groups and trade bodies to be available for discussion on the proposals.
Following closure of the consultation, a feedback paper will be published.
Any changes to the data collection exercise will be incorporated in the annual data collection exercise to be launched on 1 February 2024.
We are inviting feedback on the consultation via Smart Survey
If you have any questions, please email Lena Chapman, Senior Strategic and AML/CFT Project Lead by 1 December 2023.