2023 Risk data collection consultation paper for the risk data collection exercise, beginning in February 2024.
The JFSC have published a consultation paper detailing a number of new questions proposed for inclusion in the next annual risk data collection exercise.
- The deadline for feedback on the paper is 1 December 2023
The proposals extend the scope of the next annual supervisory risk data collection exercise, beginning in February 2024.
All sectors will be impacted by the changes to some degree.
The new questions will
- Be requested in addition to the questions posed in the JFSC existing annual data collection exercise.
- Better inform the JFSC about
- AML/CFT/CPF risk understanding.
- Firms 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 the JFSC 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.
- The JFSC 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.
- Feedback on the consultation via Smart Survey https://www.smartsurvey.co.uk/s/QOGWEC/
- If you have any questions, please email Lena Chapman,[ email@example.com] Senior Strategic and AML/CFT Project Lead by 1 December 2023.
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