Financial Services Commission

Purpose – The purpose of this paper is to discuss the implementation of effective risk‐based anti‐money laundering (AML)/combating the financing of terrorism (CFT) systems of control in order to properly address the risks facing the financial services industry. It seeks to argue that most systems of controls currently in place are ineffective and bureaucratic and do not address the real risks.

Focuses on Guernsey’s financial services industry as an example of a financial intermediary: this includes banks, fund managers, investment advisers, insurance brokers, companies and managers, and fiduciaries like company directors, company service providers and trustees. Describes the Guernsey Financial Services Commission efforts to regulate fiduciaries, which now have to be licensed by it; to educate the industry, especially fiduciaries, about money laundering and tax evasion, by means of workshops; and the strong policy it has adopted against tax evasion and money laundering and the secrecy which allows them, so that, for instance, it does not require mutual legal assistance treaties to be in place before information is passed to law enforcement agencies abroad.

Outlines the ways in which economic crime uses the financial system to both commit the crimes and hide the proceeds, so that the ability of the financial system to create wealth is impaired by loss of trust in that system. Points out, however, that economic crime generates profits for participants in the financial system, not all completely unworthy. Gives an example of how individual institutions and a financial centre have been used for hiding ill‐gotten gains: this is Jersey, which was used by former Nigerian President General Abacha and his associates. Indicates the investigations that have been made by regulators into how financial institutions have handled the proceeds of corruption, and the ways in which the financial system can be reformed, taking the Jersey Financial Services Commission as the example.

Discusses the effect of globalisation of financial markets, especially the effects of international initiatives to improved financial probity and stability in offshore centres, with Jersey as the specific example. Argues that the effect on offshore centres is always positive, and that globalisation in effect makes all financial markets offshore to each other. Focuses on the use of offshore financial centres like Jersey, London, Switzerland and New York by corrupt and powerful public figures to launder stolen money, and briefly suggests how the defences that the international system has to deal with this can be enhanced; no single jurisdiction can hope to manage such situations.

An overview of the introduction of the foundation to Jersey law.

Purpose This paper examines the association between Financial Technology (FinTech) adoption and the financial performance of commercial banks operating in the UAE over the period 2012–2021. It focuses on three FinTech dimensions – financial inclusion, alternative payment methods, and automation – and relates them to three performance indicators – total deposits, total loans, and net profit margin. The study is framed by the Technology–Organization–Environment (TOE) and Diffusion of Innovation (DOI) perspectives to explain why different FinTech dimensions may influence performance through distinct channels. Design/methodology/approach The study adopts a quantitative approach combining survey-based measures of bank FinTech adoption (financial managers, IT professionals, and senior officers; 205 valid responses) with archival financial statements. Descriptive statistics and multiple regression are used to estimate the relationships between FinTech dimensions and performance indicators. Because FinTech adoption is self-reported and performance outcomes are averaged over a long horizon, the empirical results are interpreted as correlational rather than causal. Findings The results indicate positive associations between all three FinTech dimensions and the performance indicators. Alternative payment methods show the strongest association with deposits and profitability, while automation is most closely linked to operational efficiency and profit margins. The models report high explanatory power (adjusted R2 ˜ 0.88–0.90); however, this should be treated cautiously because omitted bank-level controls and common-method bias can inflate model fit. Social implications The findings support the view that digital innovation can complement traditional banking by expanding access, improving transaction convenience, and reducing operational frictions. They also highlight the need for future research using matched time periods, bank-level control variables, and stronger validity tests to confirm the mechanisms proposed by TOE and DOI and to assess potential negative effects such as cybersecurity risk and competitive margin pressure. Originality/value The paper contributes UAE-focused evidence by separating FinTech into inclusion, payments, and automation dimensions and linking them to core banking outcomes. It offers policy-relevant insights for regulators and bank managers, while clearly acknowledging design limitations and avenues for more rigorous follow-up work.

Why Regulate the Trust Company Business Sector in Jersey? Get access Richard Pratt Richard Pratt Director General Jersey Financial Services CommissionP O Box 267, Nelson House, David Place, St Helier, Jersey, Channel Islands, Tel: +44 1534 822000, Fax: +44 1534 822001, Internet: www.jerseyfsc.org, E-mail: r.pratt@jerseyfsc.org Search for other works by this author on: Oxford Academic Google Scholar Trusts & Trustees, Volume 6, Issue 9, September 2000, Pages 9–11, https://doi.org/10.1093/tandt/6.9.9 Published: 01 September 2000

Describes the four main international regulatory standard setters: the Basel Committee for Banking Supervision, the Financial Action Task Force on Money Laundering (FATF), the International Association of Insurance Supervisors (IAIS) and the International Organization of Securities Commissions (IOSCO). Considers what these regulatory associations are doing in the context of the globalisation of business using the internet and information technology. Discusses issues covered by the organizations at a recent International Monetary Fund (IMF) conference: this covered barriers to cooperation between supervisors and how the IMF could help the international trendsetters improve this cooperation.