Industry update

Updates to our supervisory risk data collection

In January 2025, we will launch our annual supervisory risk data collection (SRDC) to collect data from supervised businesses and individuals.

This supports our risk-based supervision by improving our understanding of the activities they undertake.

We have published a paper setting out updates to the 2024 SRDC, including:

  • an additional question asking for the number of customers that carry out any activity listed in table 2 of our Sound Business Practice Policy
  • an additional conduct related question asking for the number of complaints recorded in the period, in the following categories:
    • poor administration, including customer service
    • customer due diligence process
    • fees/charges
    • mis-selling/unsuitable advice
    • withdrawal/refusal of services
    • fraud
    • on-payment of claim
    • transaction error
  • collection of data on Schedule 2 businesses serviced via an anti-money laundering service provider (AMLSP)
  • collection of data on DNFBPs in two phases:

phase one: an ad hoc data collection exercise for DNFBPs supervised by our DNFBP/NPO/VASP team in early October 2024

phase two: TCSPs, including those serviced via an AMLSP, in Q1 2025

  • collection of data from TCB administered NPOs and Prescribed NPOs
  • clarification on data validation and integrity checking
  • use of late filing fees for non-submissions of supervisory risk data
  • withdrawal of the trust company business private trust company (PTC) workbook
  • clarification that certain Category A insurance business permit holders will not be required to complete the insurance business SRDC workbook

 

We have also outlined future SRDC changes we are likely to implement, which includes:

  • prudential questions
  • conflict of interest categories
  • wire transfer purpose of payments
  • prudential data questions, primarily to inform the Jersey Resolution Authority’s critical function assessment of the banking sector
  • MONEYVAL Mutual Evaluation Report recommendations to obtain more granular inherent risk data pertaining to key areas

 

Read our paper, detailing the updates to our 2024 supervisory risk data collection: Updates to our supervisory risk data collection