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Finance firms in Jersey see terrorist financing as their biggest risk according to a new survey released by the industry regulator.
The survey was completed by 113 compliance officers, and they reported that terrorist financing topped their list of likely risks, followed by money laundering, breaching sanctions and fraud.
300 compliance officers were asked to complete the survey in June this year, with a little over a third of them sending in a response. Here's how they ranked the severity of the potential risks:
The JFSC says that's very similar to their own view of the risks facing finance firms, apart from they ranked the failure of a bank as carrying "...a signicantly higher impact than the failure of other firms." Head of Supervisory Risk, Andrew Garbutt commented:
“The survey generated a very positive response from Industry with over 100 respondents completing the survey. A number of the respondents commented that completing the survey generated useful discussions around risk in their firms. Knowing that the JFSC and Industry have a shared view on which risks are the most serious gives us a sound platform for our further development of our approach to risk.“
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