JFSC Q1 2025 Registry Supervision inspection programme feedback

A core focus for the JFSC transparency regime is to ensure that basic, beneficial ownership and controller information is adequate, accurate and up-to-date, and can be made available to competent authorities on a timely basis.

The board, senior management, and owner-operators must read the findings and conclusions of this report.

The JFSC

• Registry examination officers meet with relevant individuals and inspect documentation concerning the entity and the significant persons.
• Use this information to confirm that the data recorded on the Registry database is accurate.

This JFSC Q1 2025 Registry Supervision inspection programme feedback paper

• Provides feedback on the visit programme for Q1 2025.
• It gives examples of ISSUES and GOOD practice identified during the inspections and face-to-face interviews.

ISSUES and GOOD PRACTICE

1. Findings identified
1. Lack of understanding of the three-tier test, leading to errors and omissions
2. Difficulties recording joint ownership of shares
3. Statutory registers containing inaccurate or outdated information
4. Failure to disclose individuals controlling a corporate trustee where not regulated by the JFSC
5. Structure charts that do not clearly outline the ownership structure or provide sufficient detail,
6. Directors' details not updated following changes in circumstances
7. Inadequate identification of executors where a beneficial owner, controller, or significant person is deceased
8. Multiple nominated persons still recorded after a registered office change, without removal of the previous nominee
2. Good practice identified
1. Findings show no systemic issues of concern, and most discrepancies are minor
2. Entities that keep up-to-date due diligence documentation tend to file correct identification data
3. Entities who proactively update their registers also maintain accurate records in the Registry
4. Trust or Company Service Providers that maintain detailed ownership and control records tend to have fewer findings
5. Using the myParties feature in the myRegistry platform improves accuracy by reducing manual input errors

Read the JFSC Registry Supervision Programme Q1 2025 feedback paper.

https://www.jerseyfsc.org/news-and-events/read-our-q1-2025-registry-supervision-inspection-programme-feedback/