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Update – Phase II of the JFSC’s Supervisory Risk Data Collection Exercise


Following our email to you last month informing you that we would be deferring Phase II of our Supervisory Risk Data Collection Exercise, we now provide you with an update on our revised timings and approach.

Responding to Industry’s feedback that it would be difficult to extract and provide reliable data for 2016 and, to a lesser extent, 2017, while balancing the need to input data into Jersey’s national risk assessment, we will now:

  • Not request any data for 2016
  • Only request data for 2017, on a best endeavours basis
  • Ensure the data collected and related guidance documentation are sector specific, which has resulted in less data being requested from some sectors

We are adopting a three step approach to requesting data as follows:

Step 1

We will prioritise this collection by requesting data from:

  • Entities which did not provide data in Phase I (e.g. FSBs that are managed entities)
  • Entities which are only supervised by the JFSC for AML/CFT compliance (e.g. lawyers, money service businesses, lenders and estate agents)
  • Entities which undertake specific standalone activities (e.g. the administration of a non-profit organisation by a TCB or the management of a private trust company). This will be a targeted request.

By the end of this month (July 2018), we will send all relevant reporting entities a request to provide us with Phase II risk data by the end of September 2018.

Step 2

This collection will focus on the Banking and IB sectors.

By the end of August, we will send all relevant entities a request to provide us with their data by the end of October 2018.

As part of this step, we will also ask the Banking sector to provide wire transfer data. This has been piloted by a section of the Banking community. Having taken on board Industry feedback, we will request this data by the end of October, as part of a separate exercise.

Step 3

This collection will focus on TCB, FSB and funds (public, private and unregulated).

We will communicate the exact timings for this collection no later than the end of August.

We greatly appreciate Industry’s feedback and assistance. The feedback provided has informed the completion of this data collection exercise, but will also be useful as we plan our longer term data collection needs, and the methods of collecting that data. We will issue more information in this regard in due course.

Should you have any questions please email us at