1 Jersey developments
1.1 New KYC tool in development to
support financial services
The Jersey Financial Services Commission (JFSC)
has announced its commitment to supporting the financial services
industry in the design of a shared 'know your customer'
(KYC) tool.
The report, 'Exploring smart regulation: An assessment of
the options for developing a shared KYC utility for the Jersey
financial services sector', includes the main findings of a
JFSC working group set up in 2019. The working group, which
included financial services industry representatives, concluded
that there was scope for a shared KYC platform in Jersey for
verifying customers' identity.
The intention is for there to be a shared tool, designed for
industry, for verifying customers' identity. This could in
theory result in reduced costs and increased efficiency when taking
on new clients, whilst introducing an enhanced degree of assurance
for the JFSC as to the quality of these processes.
