Financial Services (Disclosure and Provision of Information) (Jersey) Amendment Law 2025 - Articles 8A to 8C have been inserted.
16/02/2025
The Financial Services (Disclosure and Provision of Information) (Jersey) Amendment Law 2025 introduces several key changes to the existing 2020 law.
Here are the main points:
- Disclosure of Beneficial Owner Information:
- The amendment allows the Jersey Financial Services Commission (JFSC) to disclose beneficial owner information to financial services businesses.
- This is to help them meet their customer due diligence obligations under the Money Laundering (Jersey) Order 2008
- New Articles Added:
- Articles 8A to 8C have been inserted, detailing the interpretation, disclosure, and use of beneficial owner information
- Addition of Articles 8A 8B and 8C around
- 8A interpretation of 8B and 8C
- 8B - disclosure and use of beneficial ownership information
- 8C - Relevant person to provide information to the Commission
- Punishment of Offences:
- The amendment updates the penalties for offences related to the misuse of beneficial owner information, including fines and imprisonment
- Regulations:
- The law now includes provisions for entities to apply to prevent the disclosure of their beneficial owner information under certain conditions
These changes aim to enhance transparency and compliance with international anti-money laundering standards.
Source
- https://www.jerseylaw.je/laws/enacted/Pages/L-02-2025.aspx
- https://www.jerseylaw.je/laws/current/l_7_2020
- https://www.gov.je/sitecollectiondocuments/Industry%20and%20finance/L%20Draft%20Financial%20Services%20%28Disclosure%20and%20Provision%20of%20Information%29%20Amendment%20Law%20202-.pdf.
- https://www.comsuregroup.com/news/end-of-february-2025-the-accessing-party-to-the-jfsc-oebo-register-can-create-their-jfsc-account/.
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As well as owning and publishing Comsure's copyrighted works, Comsure wishes to use the copyright-protected works of others. To do so, Comsure is applying for exemptions in the UK copyright law. There are certain very specific situations where Comsure is permitted to do so without seeking permission from the owner. These exemptions are in the copyright sections of the Copyright, Designs and Patents Act 1988 (as amended)[www.gov.UK/government/publications/copyright-acts-and-related-laws]. Many situations allow for Comsure to apply for exemptions. These include 1] Non-commercial research and private study, 2] Criticism, review and reporting of current events, 3] the copying of works in any medium as long as the use is to illustrate a point. 4] no posting is for commercial purposes [payment]. (for a full list of exemptions, please read here www.gov.uk/guidance/exceptions-to-copyright]. Concerning the exceptions, Comsure will acknowledge the work of the source author by providing a link to the source material. Comsure claims no ownership of non-Comsure content. The non-Comsure articles posted on the Comsure website are deemed important, relevant, and newsworthy to a Comsure audience (e.g. regulated financial services and professional firms [DNFSBs]). Comsure does not wish to take any credit for the publication, and the publication can be read in full in its original form if you click the articles link that always accompanies the news item. Also, Comsure does not seek any payment for highlighting these important articles. If you want any article removed, Comsure will automatically do so on a reasonable request if you email info@comsuregroup.com.