Additional Supervisory Risk Data (Consultation Paper No. 9 2023)

Summary

This is a JFSC consultation paper proposing to expand the annual supervisory risk data collection exercise, adding new AML/CFT/CPF, conduct of business and prudential risk questions, plus new data requests concerning legal persons/arrangements and NPOs. It also proposes extending the 2023 collection deadline to give firms time to adapt reporting tools. The paper is open for comment and does not yet impose binding requirements.

• Who is affected: All Supervised Persons (including NPOs and Prescribed NPOs) and Registered Persons under the Regulatory Laws (banking, collective investment funds, fund services business, investment business, insurance business, general insurance mediation business, trust company business, and money service business for conduct purposes).
• New AML/CFT/CPF questions: Additional financial crime questions (e.g. risk appetite, SAR numbers, PEP declassifications, competence/probity checks) added to the Footprint workbook, plus annual wire transfer data on flows to higher-risk jurisdictions.
• Conduct and prudential data: New conduct of business data sets for year ended 31 December 2023 (with further additions in 2025), and new prudential data sets for year ended 31 December 2023, with more added in 2024.
• Legal persons and arrangements: Continued annual collection from trust company business service providers on companies, partnerships, trusts and similar vehicles to inform national risk assessments.
• NPO data: Ongoing collection of risk data from all NPOs registered with the JFSC, including two new questions on PEP connections and names of Governors/Controllers.
• Deadline extension: Proposal to extend the 2023 annual data collection exercise, launching 1 February 2024 with submission deadline 31 May 2024 (previously due one month earlier).
• Data sharing: Certain prudential and organisational data on banks proposed to be shared with the Jersey Resolution Authority; anonymised data shared with the Government of Jersey for National Risk Assessments.

The JFSC invited written comments on the proposals by 1 December 2023, via Smart Survey or through Jersey Finance Limited, after which it intends to publish feedback. As a consultation in draft status, the proposed data requirements are not yet in force.

Key obligations

• Respondents wishing to comment must submit responses to the JFSC or Jersey Finance Limited by 1 December 2023.
• If adopted, all Supervised Persons (except NPOs) would need to answer new financial crime questions (FC1 to FC6) in the Footprint workbook.
• If adopted, wire transfer providers would need to report additional annual data (WT1, WT2) on transfers to higher-risk jurisdictions.
• If adopted, Registered Persons would need to provide new conduct of business and prudential data sets for the year ended 31 December 2023, with further data required in 2024 and 2025.
• If adopted, trust company business service providers would need to submit annual data on legal persons and legal arrangements (trusts, companies) via three workbooks.
• If adopted, all NPOs registered with the JFSC would need to provide ongoing risk data, including two new questions on PEP connections and Governor/Controller names.
• If adopted, the 2023 annual AML/CFT/CPF and other supervisory risk data collection exercise would launch on 1 February 2024 with submissions due by 31 May 2024.

Applies to

Supervised Persons, Registered Persons, banks, collective investment funds, fund services business, investment business, insurance business, general insurance mediation business, trust company business, money service business, non-profit organisations (NPOs), Prescribed NPOs, wire transfer providers

Deadlines

• 1 December 2023: Deadline for submitting comments on the consultation paper to the JFSC or Jersey Finance Limited.
• 1 February 2024: Proposed launch date for the 2023 annual AML/CFT/CPF and other supervisory risk data collection exercise.
• 31 May 2024: Proposed extended submission deadline for the 2023 annual supervisory risk data collection exercise.
• year ended 31 December 2023: Period for which new conduct of business and prudential data sets are proposed to be collected.
• 2024: Additional conduct of business and prudential data proposed to be sought in response to JFSC's conduct and prudential risk strategies.
• 2025: Further enhancement of conduct of business data collection proposed.