Compliance Corner – Data Integrity

    JN Money

    JN Money Services (JNMS) Limited relies heavily on accurate, timely, and comprehensive information for risk management, regulatory compliance, customer satisfaction, and operational efficiency.   Consider the following:

    1. Accurate data is pivotal to risk management, in terms of identifying potential fraud or removing suspicion from customers’ activities.
    2. Accurate data is crucial for JNMS to remain compliant with our regulatory operating directives, and Anti-Money Laundering (AML) standards.
    3. Our customers expect seamless and personalised services; something that’s impossible without high-quality data. Accurate data helps in correctly identifying customer behaviours as genuine or suspicious.
    4. Poor data often leads to customers’ transactions being unnecessarily delayed or even cancelled. Clean and accurate data minimises errors in transaction processing, and customer communications, thereby lowering operational costs. Inefficient operations due to poor data quality not only increase expenses but also negatively affect customer service.

    Common Errors Observed via JNMS AML Monitoring:

    Below, we highlight some examples of common errors observed in the processing of transfers, which often lead to cancellation requests from the Compliance team, to correct these data errors. They are:

    • Processing transactions with inaccurate KYC information for customers (such as incorrect spelling of names and addresses, incorrect ID type selection, incorrect ID, date of birth, incorrect expiration and issue date, and invalid TRN/Tax information).  See some examples below.
    Customer Name Information entered in eMoney Information Observed on Identification
    Blossom Gschlossl Gschloss Gschlossl
    Address entered in eMoney Address Observed on Identification
    8684 Olde Dr, Mount Brydges, ON 8684 Old Dr, Mount Brydges, ON
    2825 Sate Hwy Eastham, MA 02642-2774 2825 State Hwy Eastham, MA 02642-2774
    Flat 7 Risley House Anderson Road, Hackney, London E9 6HL Flat 6 Evelyn Court, Amhurst Road, London E8 2BD
    Expiration Date Recorded in eMoney Expiration Date Observed on Identification Uploaded
    10-Aug-28 10-Aug-26
    31 October 2029 27 January 2029
    19 October 2025 19 September 2025
    • Non collection of adequate KYC/EDD for threshold transfers – Example:  A transfer of JMD $700,000 was disbursed to the customer, however, only one piece of ID was used to collect the transfer and the Purpose of Funds Form and Customer Profile Form were not completed.
    • Outdated Contact Information Recorded for Customers – Example: A long time JNMS customer visits the branch and advises they have changed their contact/address information, however, same is not recorded on file
    • Non-Escalation of Anomalies Observed – Example: A customer visits the branch on a weekly basis, however, they refuse to provide their contact information as they believe it’s their “personal information” and they are not comfortable with JNMS having that information. The teller proceeds to disburse transfers over a prolonged period without informing the JNMS Compliance team of the customer’s refusal to provide accurate KYC information.


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