JFSC FEB 14/18 WORKSHOPS ON:- Obliged Entity Beneficial Owner register, legislation, and access [SOLD OUT]

The JFSC are hosting two informative sessions on

• The new Obliged Entity Beneficial Owner (“OEBO”) register and
• The recent amendments to the Financial Services (Disclosure and Provision of Information) (Jersey) Law (“DPI Law”).

These sessions

• Will provide an overview of the legislation and guidance on how to access the register can be accessed strictly for customer due diligence purposes.
• Are ideal for anyone who is, or represents, an obliged entity.
• Will cover the same content, so please only attend one.

Session 1

• Date: Friday, 14 February 2025, Time: 12:00 PM – 1:00 PM, Location: JFSC, 14-18 Castle Street, St Helier JE4 8TP

• https://www.eventbrite.co.uk/e/obliged-entity-beneficial-owner-register-session-1-tickets-1242162143409?aff=oddtdtcreator

Session 2

• Date: Tuesday, 18 February 2025, Time: 2:00 PM – 3:00 PM, Location: Lower Hall, St Paul’s Centre, Dumaresq Street, St Helier, JE2 3RL
• https://www.eventbrite.co.uk/e/obliged-entity-beneficial-owner-register-session-1-tickets-1242162143409?aff=oddtdtcreator

Background and Legislation Introduction 

• Recent international policy discourse has considered the disclosure of information with other parties for the purposes of preventing money laundering and terrorist financing.
• The Financial Action Task Force (“FATF”) in its updated guidance on beneficial ownership, published in March 2023, recommended that countries consider facilitating access to persons who are obliged to perform customer due diligence (“CDD”) - known as “obliged entities” - to support them in this process. This includes banks and other financial services businesses.  
• The JFSC registry collects the personal details of individuals who own and / or control most Jersey incorporated or established entities at first registration and ongoing.  It is a statutory requirement that this “associated party” information be kept up to date by the entity. 
• Information about a Jersey entity's significant persons (such as the directors of a company, or a member of the council of the foundation) is currently available publicly via the JFSC’s registry website.  
• 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 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”).
• https://statesassembly.je/getmedia/656b5d3a-f316-4d04-ab22-70f6ed9c8fb0/P-49-2024.pdf?ext=.pdf

Accessing Party

• 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.  
• As set out below, access to the register will be strictly controlled. 

 Who can apply for access and how to apply? 

• For the purposes of the DPI Law, 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 certain permitted individuals within Jersey obliged entities and their representatives will be permitted to access the OEBO register.
• They will do so via the JFSC’s myJFSC portal. From the end of February, Accessing Party will be able to contact the JFSC to create their access and will then incorporate it into business-as-usual instructions.

Source

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