We have announced our commitment to support the financial services industry with the development of a shared ‘know your customer’ (KYC) utility.
The purpose of a KYC utility would be to provide a shared tool for verifying customers’ identity. This in theory could result in reduced costs when taking on new clients, whilst introducing an enhanced degree of assurance as to the quality of these client processes.
We set up a working group in 2019 with representatives of Jersey’s financial services sector, in order to understand appetite for a utility of this kind and to provide a platform to understand any challenges for implementation. We? also had further discussions with individual firms, trade associations and technology providers.
The main findings from the working group are:
You can find more information on our findings in our published report Exploring smart regulation: An assessment of the options for developing a shared KYC utility for the Jersey financial services sector.