NEWS

The ID Register has been recognised with a silver award at the Guernsey Financial Services Commission's (GFSC) "Soundbox Sprint Innovation Challenge" on Friday 22 June 2018.

The one day event challenged participating teams to develop digital solutions for one or more of three pre-set challenges, including how technology could be used to; optimize efficient and effective client due diligence, improve administration and assist the financially excluded.

The ID Register was presented the award in recognition of the solution it offers for continually changing regulatory requirements and the lengthy paper based processes ass…

Facebook was still three years away from launch when I graduated. The screech of my dial-up modem was followed by some simple websites that functioned just like the posters or billboards that had preceded them. Less than 20 years later, we all witnessed a congressional circus around Mark Zuckerberg where democratic leaders struggled to understand the complex problem of data privacy for which neither government, financial markets nor firms themselves have a ready answer.

The ID Register recently passed the 20,000 investor profile threshold and, while miniscule in comparison with the terabytes of data held by Facebook, it i…

In 2017, The Joint Money Laundering Steering Group, (JMLSG) which sets the regulatory guidance for all UK financial services firms, issued revised KYC guidance. This ensures that United Kingdom regulations remain in line with recent updates from the Financial Action Task Force (FATF) and the European Union Fourth Money Laundering Directive. This revised guidance places a particular emphasis on financial services businesses adopting a risk based approach to counter potential Money Laundering and Terrorist Financing risks. This update explains the overall approach, recent changes and how these requirements can be satisfied t…

On May 14^th the Council of Europe adopted a directive strengthening the EU Rules to prevent money laundering and terrorist financing. Dubbed the Fifth Anti-Money Laundering Directive, it will amend directive 2015/849 and aims to further enhance transparency and controls in the wake of a number of terrorist attacks in Europe in 2016.

The 5^th Anti-Money Laundering Directive entered into force on 9 July 2018 and Member States will have to implement these new rules into their national legislation by 10 January 2020. Some of the key changes to the 4^th Anti-Money Laundering Directive are as follows:

 1. Transparent access t…