Watch - National Risk Assessment: Trust Company Business webinar

Thank you to the 300 plus industry representatives that joined our Trust Company Business sector webinar on the National Risk Assessment.

The session was hosted by Caroline Morgan, our International and Industry Engagement Coordinator, with Tony Shiplee, our Head of Relationship Managed Supervision for the Trust Company Business sector, and they were joined by Naomi Rive, Group Director at Highvern

The webinar covered:

• what the National Risk Assessment means for the Trust Company Business sector in terms of risks/ threats/ vulnerabilities relevant to the sector
• what action the JFSC will be taking following the assessment
• what action we expect trust company businesses to be taking
• what this means for interactions with your supervisor

During the session, Caroline, Tony and Naomi answered a number of questions from Industry. We have summarised below our responses to additional questions that were received during the webinar.

Private equity investors

We are considering how we will explore a potential risk in the sector for companies owned by Private Equity Investors. The working group flagged the risk of additional pressure for profit in these companies, which could come at the expense of complying with the regulatory framework.

Customer risk rating factors and scoring

We are considering undertaking a thematic exam on customer risk rating factors and scoring applied in the sector. We will, as always, issue feedback following any thematic examination, and if there is a need, we will consider creating guidance.

Money laundering typologies

Money laundering typologies, which are referred to in the report, are similar to case studies. They show the various methods, techniques, schemes and instruments criminals might use services provided by trust company service providers to conceal, launder or move illicit funds money. The working group found that it would be useful for more typologies to be made available in the future. This is being considered by the various agencies involved in the NRA process.

Complex structures

For complex structures, if all elements of the structure, including the AML risks associated with each element, are known, understood and documented the AML risk will be significantly mitigated.

Risk rating model

We have no current plans to produce a standard risk rating model for all trust company service providers to adopt and use.

If you were unable to attend the session, you can watch the recording below.

You can also view the presentation slides from the webinar below.

NRA- Trust Company Business presentation slides

Our next National Risk Assessment webinar

The next webinar in our series of briefings on the National Risk Assessment will focus on the banking sector.

This will take place on Thursday 19 November at 14:00. You can find more information on this webinar, including how to register here.

If you have any questions, you can contact your supervisor or email JFSCliaison@jerseyfsc.org