Jersey Obliged Entity Beneficial Owner register - ACCESSING PARTY (start set-up end of FEB 2025)

The Jersey Obliged Entity Beneficial Owner (OEBO) register

• Is a secure and centralised system managed by the Jersey Financial Services Commission (JFSC).
• Collects and maintains personal details of individuals who own or control Jersey-incorporated entities.

DPI LAW

• As outlined in the DPI LAW only certain permitted individuals within JERSEY OBLIGED ENTITIES and THEIR REPRESENTATIVES will be permitted to ACCESS (ACCESSING PARTY) the JFSC OEBO REGISTRY

• The Financial Services (Disclosure and Provision of Information) (Jersey) Law (“DPI Law”),

https://statesassembly.je/getmedia/656b5d3a-f316-4d04-ab22-70f6ed9c8fb0/P-49-2024.pdf?ext=.pdf

FROM THE END OF FEBRUARY 2025,

• AN ACCESSING PARTY will be able to contact the JFSC to create their access to the JFSC REGISTRY and will then incorporate it into business-as-usual instructions via the JFSC’s myJFSC portal.

KEY DETAILS

• 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 the individual beneficial owners and controllers of a Jersey entity strictly for the purposes of fulfilling their CDD obligations pursuant to the Money Laundering Order (“MLO”).
• AN OBLIGED ENTITY is one that is required to perform CDD functions in accordance with the MLO, and
• Only ACCESSING PARTY may be given access to the beneficial owner and controller information, known as the Obliged Entity Beneficial Owner (“OEBO”) register. 
• ONLY Accessing Party may be given access to the beneficial owner and controller information, known as the Obliged Entity Beneficial Owner (“OEBO”) register. 
• 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.
• 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.  

SUMMARY

• Purpose: The register is designed to help obliged entities (such as banks and financial services businesses) fulfil their Customer Due Diligence (CDD) obligations under the Money Laundering Order (MLO).
• Access: From the end of February 2025, obliged entities or their representatives can access certain personal information held by the JFSC registry strictly for CDD purposes.
• Legislation: The register operates under the Financial Services (Disclosure and Provision of Information) (Jersey) Law (DPI Law), which was amended to align with international standards set by the Financial Action Task Force (FATF).
• Transparency and Security: Jersey’s beneficial ownership register is one of the earliest known and is not publicly available. However, it ensures that Jersey has reliable information to share as part of an effective information exchange regime.

SOURCE:  

• Obliged Entity Beneficial Owner register – legislation and access .... https://www.jerseyfsc.org/news-and-events/obliged-entity-beneficial-owner-register-legislation-and-access-overview-sessions/.
• Beneficial Ownership - Jersey Finance. https://www.jerseyfinance.je/jersey-the-finance-centre/regulation/beneficial-ownership/.
• https://www.jerseyfsc.org/news-and-events/obliged-entity-beneficial-owner-register-legislation-and-access-overview-sessions/