The Jamaica Stock Exchange on Friday, March 15, signed a licence agreement with Global Risk and Data Authority (GRADA), a Cayman Islands-based company to provide an integrated electronic platform for ‘know your customer’ and anti-money laundering.
Robert Taylor, head of business development and director of GRADA, said in a press release that the software solution will improve compliance by using technology that will verify customers in a more efficient and accurate way.
The platform uses dynamic decision tree intelligence to determine the regulatory journey of the client, including all the regulations, know your customer questionnaires, classifications and risk assessments that need to be adhered to and performed. It also determines all of the clients and counterparty data and documentation that are required to support the KYC and regulatory compliance obligations.
Marlene Street Forrest, managing director of the Jamaica Stock Exchange, said the stock exchange consistently seeks to integrate technology capable of meeting customer needs in its operational processes, while ensuring that market confidence and integrity fall in line with international standards.
“The signing of this agreement is a complementary pathway to the growth of the market as we move towards implementing Blockchain technology, the offer of digital assets and other products and services to keep pace with other markets,” she said. “The JSE in its 50th year of operations is an agile organisation that is adapting to 21st [century] technology,” she added.
GRADA will host a workshop with the JSE Member Dealers on April 2 and another will be planned for other investments, financial and other entities.
GRADA was founded five years ago and has offices in Cayman and Vancouver, Canada. The company provides services in China and the United States.