Using Technology for Due Diligence Purposes - Feedback Statement

On the 29 May 2015 the Commission released a consultation paper relating to proposals to amend the Bailiwick’s Handbooks for financial services businesses and prescribed businesses on countering financial crime and terrorist financing. The consultation period has closed and the Commission would like to thank everyone who took the opportunity to respond to the paper.

The consultation paper proposed changes to the rules and guidance in the Handbooks which would enable industry to utilise advances in technological developments in the field of customer due diligence.  The consultation paper sought views on the proposed inclusion in the Handbook of three areas where technology could be used.  The consultation paper also included 5 questions where views were sought relating to regulatory safeguards. 

The Commission is assessing the feedback received from 25 respondents and further developing the proposed sections with a view to issuing an update to the Handbooks later this year that includes the use of digital signatures, electronic certification and electronic verification.