The Jersey Financial Services Commission (JFSC) updated its AML/CFT Handbook last year 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.
I spoke to Digital Jersey this week about identifing and onboarding customers remotely, as 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.
At Vaiie, we felt that most solutions that exist don't specifically focus on the needs of the offshore market in which high-risk onboaridng is commonplace, and they don't typically take into account the nuances of local regulations or adequately aid operational processes in CFT.
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 still haven’t factored digital customer onboarding, verification and automation in to your operational processes for 2020, I would urge you to start considering it seriously to ensure you remain competitive as we enter a new age of remote business.