ICT collaboration 'would help banks'

A NEWLY-formed banking systems user group has resolved to aim for more industry collaboration on regulatory reporting.

The group hosted a workshop, organised by Marc Laine of C5 Alliance, to identify key areas where co-operation between businesses on IT issues would benefit the whole of the banking sector in Guernsey and other jurisdictions.

The session was led by Nick Vermeulen, pictured, 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,' he said.

'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.'