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Adoption of digital ID systems by the financial services industry to meet due diligence requirements: Public consultation

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

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  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

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A decision made on 6 May 2022

Decision Reference:  MD-ER-2022-330

Public

Subject: Public Consultation: Adoption of digital ID systems by the FS industry to meet due diligence requirements

 

Report Title: Consultation Paper: Facilitating the adoption of digital ID systems by the FS industry to meet due diligence requirements

Public

Decision(s):

The Minister approved a consultation paper entitled 'Facilitating the adoption of digital ID systems by Jersey's financial services industry to meet Customer Due Diligence requirements', prepared by the Government of Jersey and the Jersey Financial Services Commission (JFSC).

Reason for Decision(s):

The Government of Jersey and the JFSC wish to consult to seek industry views on solutions to significantly increase the adoption of Digital ID Systems to meet Customer Due Diligence requirements. The consultation paper will be issued by the JFSC in accordance with Article 8(3) of the Financial Services Commission (Jersey) Law 1998 under which the JFSC may “consult and seek the advice of such persons or bodies” as it considers appropriate.

Resource Implications: None as a consequence of this decision

 

Action Required: The Associate Director is to arrange for the consultation to be published jointly with the Jersey Financial Services Commission.

Signature:

 

 

Signed By: Minister for External Relations and Financial Services

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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