End of February 2025 – The ACCESSING PARTY to the JFSC OEBO register can create their JFSC account

From the end of February 2025, the ACCESSING PARTY to the JFSC Obliged Entity Beneficial Owner (“OEBO”)  register can contact the JFSC to create their access and incorporate it into business-as-usual instructions.

To help understand what this means, the JFSC organised training on 14/18 FEB on the new “OEBO” register and the recent amendments to the Financial Services (Disclosure and Provision of Information) (Jersey) Law (“DPI Law”).

• https://www.jerseyfsc.org/news-and-events/obliged-entity-beneficial-owner-register-legislation-and-access-overview-sessions/

Unfortunately, the session sold out immediately, and many people missed out. So, yesterday, at their 2025 business plan conference, the JFSC offered to provide information to those who missed the sold-out events.

To provide this information, they suggested those who wanted an update should contact the JFSC.

These sessions were designed to provide:-

• An overview of the legislation and
• Guidance for those identified as an ACCESSING PARTY on accessing the OEBO register, which can ONLY be accessed strictly for customer due diligence purposes.

Who is the Accessing Party? 

• Following the States Assembly approval of an amendment to the Financial Services (Disclosure and Provision of Information) (Jersey) Law (“DPI Law”) on 11 September 2024 to reflect the FATF guidance, obliged entities, referred to in the DPI Law as a "relevant person", or their representative (which may include an AMLSP or the person appointed by the relevant person to assist with the relevant person's CDD obligations under the MLO) (Each An "Accessing Party") :-
• Will be able to access certain personal information held by the JFSC registry relating to a Jersey entity's beneficial owners and controllers strictly to fulfil their CDD obligations according to the Money Laundering Order (“MLO”).

• ACCESSING PARTY are specified and permitted individuals within Jersey-obliged entities and their representatives to access the OEBO register. They will do so via myJFSC.
• From the end of February, the ACCESSING PARTY can contact the JFSC to create their access and incorporate it into business-as-usual instructions.

JFSC CONTROL

• Access to the register will be strictly controlled. 
• The JFSC will keep an audit of each Accessing Party's access to the subject information and has the power to investigate that access, including requesting information evidencing the nature of the access.  
• An Accessing Party who accesses the personal data of beneficial owners or controllers for purposes other than to assist them in meeting the obliged entity obligations under the MLO will be subject to criminal penalty.