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Jersey To Vet Firms' Compliance With Beneficial Ownership Rules

by Jason Gorringe, Lowtax.net, London
01 December, 2017

Jersey's financial services regulator, the Jersey Financial Services Commission, says it will be assessing compliance with the island's beneficial ownership regime in the first half of 2018.

The assessment will be conducted by the Commission's Supervision Examination Unit, which will review the extent to which trust company businesses administering Jersey registered companies and partnerships have understood and verified their ultimate beneficial owners and controllers. The Unit will also look at whether this information is being properly reported to the Jersey Companies Registry.

In certain cases, the Unit will assess whether systems and controls are in place in relation to the ongoing obligation to notify the Jersey Companies Registry of any change in a Jersey-registered company or partnership's ultimate beneficial owners and/or controllers.

In addition to its beneficial ownership compliance review, the Supervision Examination Unit will examine whether registered persons holding client assets have in place appropriate systems and controls to segregate, account for, use, manage, or otherwise safeguard those assets.

The Commission says its reviews will be conducted using a range of tools including questionnaires and on-site visits. The Commission said it will issue guidance.

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