The Jersey Financial Services Commission (“JFSC”) intends to undertake a significant number of on-site examinations in 2022 requesting disclosure of information prior to the visit and conducting lengthy interviews with staff selected at random across the business.
The interview of staff within a financial services business by the regulator is now a key part of the on-site examination. Even with Covid restrictions, the regulator has remained focused on conducting virtual interviews with staff from across the organisation irrespective of seniority. The interviews are seen as a valuable source of evidence when assessing the AML knowledge of staff, how systems and controls operate in practice and generally assessing the AML culture within the business. Regulators have received training on how to conduct such interviews and will have comprehensively prepared the interview team.
The impact of a staff member failing to articulate themselves adequately in an interview can have significant consequences for the business.
Despite such a key part of the process the overwhelming majority of those interviewed have never been trained in how to participate in such an interview. Staff members often find it a daunting and stressful experience. Undertaking a mock interview with a supportive and experienced trainer is likely to bolster performance and provide considerable reassurance.
The team at Baker Regulatory Services (“BRS”) have significant experience and training in conducting interviews and have trained regulators in various jurisdictions, including members of the JFSC.
BRS are available to undertake mock interview training for staff scheduled to participate in an interview with the regulator.
Such training will: –
- Help the interviewee with essential interview preparation.
- Explain the approach that will be adopted by the JFSC interview team.
- Boost the confidence of the interviewee.
- Provide reassurance to those who have never been interviewed in this context before.
- Provide the opportunity to read and research likely subjects that may be covered during the course of an interview.
- Ensure that clearly articulated information is provided to the JFSC.
- Reduce the risk of incorrect information being provided.
- Provide the business with the opportunity to demonstrate the capability and commitment of their staff.
Those participating in interviews should be just as prepared as the regulator. If you would like to receive further information, please contact Barry Faudemer.