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Jamaica Stock Exchange signs KYC licence agreement with Grada

Source: Global Risk and Data Authority

The Jamaica Stock Exchange (JSE) on Friday, March 15, 2019 signed a License Agreement with Global Risk and Data Authority (GRADA) a Cayman Island based company to provide an integrated electronic platform for ‘Know Your Customer’ (KYC) and Anti-Money Laundering (AML).

Mrs. Marlene Street Forrest, Managing Director of the JSE before signing the agreement stated that “the JSE consistently seeks to integrate in its operational processes technology capable of meeting the needs of our customers, while ensuring that the confidence and integrity of the Market is always improving and aligned to international best practices 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”. Mrs. Street Forrest, further stated that “The JSE at 50th year of operations is an agile organization that is adapting to twenty-first technology.”

Mr. Robert Taylor, Head of Business Development and Director of Risk and Data Authority (GRADA) in his remarks noted that “GRADA is a five (5) years old company that is based in the Cayman Islands, with an office in Vancouver, Canada and providing services in China and the United State of America.” He also noted that this software solution will improve compliance with the use of this technology that will verify customer in a more efficient and accurate way.

This platform uses dynamic decision tree intelligence to determine the regulatory journey of the client including all the regulations, KYC questionnaires, classifications and risk assessments that need to be adhered to and performed. Furthermore, it also determines all of the clients and counterparty data and documentation that are required to support the KYC and regulatory compliance obligations. “Mr. Taylor ended his remarks by stating that “I am delighted to be in partnership with the JSE a world renowned Exchange.” Mr. Taylor, announced that a workshop with the JSE Member Dealers will be held on April 2, 2019 and another will be planned for other investments, financial and other entities that may have an interest to learn how this technology works.

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