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Digital ID in Jersey

Posted: Friday 7 August 2020

What capabilities exist on Island and what do the regulators say?

Now more than ever the ability to identify and on-board clients remotely is critical.  Of course Jersey’s client base has always been predominantly off-Island and a number of solutions for digital ID / client on-boarding exist locally provided by Digital Jersey members.

Jersey Financial Services Commission (JFSC) updated its AML/CFT Handbook in 2019 to clarify that evidence of identity coming from electronic sources (E-ID) as an alternative to other identification methods is acceptable. On 3rd April 2020 the JFSC also issued information in response to COVID19 that can be found here.

The Financial Action Task Force (FATF) released its guidance on Digital ID in March this year is promoting the use of digital identity technology to securely enable remote financial services onboarding and transactions. As the global standard setter for combating money laundering and terrorism financing, FATF “encourages the fullest use of responsible digital customer onboarding and delivery of digital financial services in light of social distancing measures,” during the crisis.

Digital Jersey members in Jersey that can or will offer services in the Digital ID space are listed below*

Stephen Platt – Founder & CEO, KYC Global Technologies said “it was quite serendipitous that the launch of our electronic ID and verification service (eIDV), RiskScreen Verify (https://www.riskscreen.com/solutions_verify/), a few weeks ago coincided with this global, and immediate, switch to homeworking brought about by the coronavirus pandemic – a very minor silver lining. The key principles we’ve always applied to our screening products have now really come to the fore, including the use of cloud-based technology for remote access, and a pricing model that charges for searches, not seats, so enterprises can have as many users as they like without the inevitable password sharing – wherever they are in the world.

Stephen continued; “with RiskScreen Verify, and its imminent integration into our screening tools to create a holistic onboarding product (RiskScreen OnBoard https://www.riskscreen.com/solutions_onboard/), we now offer a full suite of KYC risk-management services across the customer lifecycle – cutting-edge technology that we are proud to be creating in Jersey with the input of many local and global firms. We’d love to talk more about what we’re doing to help companies keep their AML wheels turning. Do visit us at www.RiskScreen.com and get in touch.”

Craig Marret, Product Development Manager at Vaiie said: “Vaiie has seen a surge in demand for business process automation solutions in recent months, particularly around digital identity and customer onboarding. International customers seeking to use Jersey financial services providers and products want to do it easily and efficiently, but with the majority of that business being classified as higher risk by providers, finding a suitable platform that can support complex onboardings remotely with automated verification and screening, sync with core systems and create a real competitive advantage for the provider is not easy. 

We felt that most solutions that exist today don’t focus specifically on offshore market needs, take into account the nuances of local regulation and don’t adequately aid and protect providers in the counter financing of terrorism. This is why we created Vaiie Automated Customer Onboarding in conjunctions with industry leaders – it’s a complete business administration platform that helps every party supply and collate data for any KYC profile for any structure at a far deeper level than we have seen on the market, validate the data and carry out due diligence in a matter of seconds. This is a game changer for Jersey.”

If you are a potential buyer of those services then please contact them directly, and if necessary, speak to your supervisor at the JFSC. We intend publicising members who provide services in this area so if you are a service provider not on the list then please get in touch with jessica.osman@digital.je

Update

On 30th July 2020 Jersey Financial Services Commission released the document “Exploring smart regulation: An assessment of the options for developing a shared KYC utility for the Jersey financial services sector, which is the outcome of a number of working groups facilitated by the JFSC and outlines conclusions and recommendations regarding the use of Digital onboarding & shared KYC.

We would like your feedback to this report!

Are you a provider of digital client onboarding based in Jersey? Or are you a financial services firm using or looking to implement digital onboarding? If so, please review JFSCs report and get in touch with us to tell us what you think next steps for Jersey should be. Digital Jersey intend to play an active role in collating feedback and co-ordinate discussion. Please email Head of Fintech Jason Laity here or Business Development Manager Jessica Osman here with your thoughts.

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