At a sell-out event at the Pomme D’Or Hotel on 4 March, a panel of experts discussed the potential benefits as well as the risks of adopting innovative technological platforms to provide financial services firms with ‘Know Your Customer’ (KYC) and Anti-Money Laundering (AML) solutions.
The panel, which included Andrew Le Brun, Jersey Financial Services Commission, Helen Hatton, Sator Regulatory Consulting Limited, and William Grace, Carey Olsen and which was moderated by Hamish Ramsay, Standard Bank, also examined the implications for the regulator of a greater reliance on technology. In exploring just how resource-heavy KYC and AML processes are globally for firms in an age of ever-increasing regulation, the panel also considered whether digital solutions have the potential to increase operational efficiencies and improve client satisfaction, by expediting the on-boarding process and making the provision of KYC information less cumbersome and more accessible for many.
In addition, during a series of presentations, three Jersey-based providers of KYC and AML services (KYCme, KYC World Wide and Elian) and one overseas provider (ID checker) provided elevator pitches of their products to highlight to attendees the variety of solutions currently being brought to the market.
Senator Philip Ozouf, Assistant Chief Minister provided his thoughts on the importance of innovation in Jersey’s financial services sector and highlighted the supportive measures the Government are taking to enable the industry to forge ahead in this area.
Geoff Cook, CEO, Jersey Finance, said:
“As financial service providers face increasing international competition and devote greater resources to an ever evolving regulatory and transparency agenda, digital KYC solutions have the potential to revolutionise the client on-boarding process and provide a more robust framework for data management and regulatory reporting. For that reason, Jersey’s finance industry is working closely with the government and the regulator on the Island’s FinTech proposition, particularly where there are clear opportunities to forge ahead of competition such as positioning the jurisdiction as a cutting edge KYC centre of excellence.”
Andrew Le Brun, JFSC, added:
“There are clearly regulatory and reputational issues involved in moving further towards digital identification and due diligence platforms, but, if applied effectively, the benefits may be considerable too. Done in the right way, there is a real opportunity for Jersey’s internationally-focused finance industry to better manage risk on the one hand and to transform existing processes to become more efficient and cost effective on the other, enabling delivery of a higher quality service on the global stage.”