The newly formed banking systems user group has resolved to aim for more industry collaboration on regulatory reporting.
The workshop was organised by Marc Lainé of C5 Alliance who invited the group to identify key areas where cooperation between businesses on IT issues would benefit the whole of the banking sector in Guernsey as well as in other related jurisdictions.
The session was led by Nick Vermeulen, a Partner at PwC, and highlighted regulatory reporting, including anti-money laundering procedures, as an area that could benefit from industry wide collaboration.
“Anti-money laundering procedures often require banks and trust companies to request the same information from clients for example a collaborative ICT based approach could mean that information, such as a copy of a new passport, could be requested once and shared securely amongst relevant parties. This would be more efficient and more client friendly; an advantage for Guernsey as a whole.”
The group also explored the implications of regulatory and FATCA reporting.
“With many businesses having a footprint in multiple jurisdictions it will be important to collaborate on reporting for issues such as FATCA,” said Mr Vermeulen. “It is also important to remember that approaches to FATCA will need to be devised in such a way to be extendable to other jurisdictions that may follow the USA’s lead in introducing regulations like this.”
Marc Lainé, C5 Alliance’s Guernsey Island Manager, and co-ordinator of the banking users group said: “Reporting requirements are a key ICT based challenge for banks. As well as businesses collaborating on the approach to FATCA it is important that governments do as well.
“For example if there is a unified approach to FATCA from the States of Guernsey and Jersey this will enable businesses with a presence in both islands to streamline their own approach effectively.”
The Guernsey banking systems users group meets three to four times a year to discuss issues in the banking sector related to ICT and how companies can work together to improve Guernsey’s offering in the international finance market. C5 Alliance, a Channel Island’s IT consultancy, co-ordinates the group and will also be co-ordinating a Jersey users group, presenting more opportunities for collaboration for local businesses.
Category: Finance & Business