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Home News 2023 Risk data collection consultation paper for the risk data collection exercise, beginning in February 2024.
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2023 Risk data collection consultation paper for the risk data collection exercise, beginning in February 2024.

31/10/2023

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:

  • AML/CFT/CPF
    • 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.
  • Conduct
    • A range of questions to inform the JFSC conduct of business inherent risk understanding.
  • Prudential
    • 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).

Additional supervisory risk data consultation paper No. 9 2023

FEEDBACK

DEADLINE

  • The deadline for feedback on the paper is 1 December 2023.

Next steps

  • 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 questions

SOURCES

  1. https://www.jerseyfsc.org/news-and-events/2023-risk-data-collection-consultation-paper/
  2. https://www.linkedin.com/posts/jersey-financial-services-commission_weve-launched-a-consultation-on-proposals-activity-7125062607610220545-HwQ4?utm_source=share&utm_medium=member_ios
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.  

news disclaimer -

As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.