RegTech solution to support fight against financial crime

Monday 10 July 2017

Digital Jersey and the Jersey Financial Services Commission (JFSC) have collaborated to develop a new tool designed to assist in the fight against money laundering and global tax evasion.

It aims to improve the speed and quality of the data being provided to the regulator, and reduce the time and costs associated with submitting information onto the central register of beneficial owners manually. It can automatically transfer over 300,000 beneficial ownership records at a time.

A new agreement signed last year known as an ‘Exchange of Notes’ requires an exchange of beneficial ownership information between the Jersey and UK governments.

As part of this new agreement, individuals who own more than 25% of a company were obliged to submit accurate and up-to-date information to the JFSC by the 30 June this year. 

Tony Moretta, CEO of Digital Jersey, commented: “I’d like to congratulate everyone involved in Jersey’s finance and digital businesses, who have been extremely proactive, rapidly creating innovative RegTech tools that answer local firm’s needs under the new policy.

"Our island’s size is a big advantage when it comes to quickly and efficiently creating technology solutions to answer our ever-evolving regulatory environment.”

Julian Lamb, Director Registry at the JFSC, added: “As registries globally grapple with developing requirements of the evolving digital world, Jersey’s Registry has been able to demonstrate a delivered digital application of new technologies and work practice.

"More importantly, we have been able to articulate complex AML/CFT business user requirements to the digital firms who have then been able to provide working solutions to the finance industry. This is now a proved model which we will continue to exploit going forward.”