The JFSC Obliged Entity Beneficial Owner register (OEBO register) and USER GUIDANCE

WHO CAN APPLY FOR ACCESS AND HOW CAN YOU APPLY?

1. From 24 February, THE LEAD ADMINISTRATOR for JERSEY OBLIGED ENTITIES and their representatives will be permitted to access the OEBO register through 
   1. myJFSC - https://myprofile.jerseyfsc.org/
2. THE LEAD ADMINISTRATOR will control the permission AND grant access and incorporate into business-as-usual instructions:-
   1. Specific individuals within the obliged entity or
   2. Their representative.

TO REGISTER

1. To register a LEAD OBLIGED ENTITY ADMINISTRATOR,
   1. KEY OR PRINCIPAL PERSONS must send an email request to regulatorymaintenance@jerseyfsc.org setting out the
      1. Individual’s name,
      2. Email address and
      3. Any domains linked to their organisation.
2. THE JFSC website guides how the LEAD-OBLIGED ENTITY ADMINISTRATOR can add or remove user access: 
   1. Portal Administrator Role—how the functionality works
   2. https://myprofile.jerseyfsc.org/help/portal-administrator-role/

JFSC WARNING ON TIMINGS

1. Due to the sensitive nature of the information that will be accessed, each application is being assessed and treated with care, which may cause delays in granting access.

ROLE AND RESPONSIBILITIES OF THE LEAD OBLIGED ENTITY ADMINISTRATOR

1. THE LEAD ADMINISTRATOR for THE ACCESSING PARTY on myJFSC will be responsible for applying for access to the OEBO register.
2. Once access is granted, THE LEAD ADMINISTRATOR assign access to the OEBO register to OTHER APPROPRIATE ADMINISTRATORS within their organisation.

ROLE AND RESPONSIBILITIES OF THE LEAD OBLIGED ENTITY ADMINISTRATOR

1. IT IS THE RESPONSIBILITY of the ACCESSING PARTY to ensure that:
   1. Users only access the OEBO register for legitimate reasons
   2. Users understand the legalisation under access and the penalties for misuse
   3. They remove users upon cessation of the relationship
   4. They have appropriate procedures in place for usage and periodic audit trail reviews to mitigate the risk of misuse

PERIODIC ROLE-BASED ACCESS CONTROL REVIEW

1. THE JFSC recommends a periodic role-based access control review to ensure responsibilities are followed.
2. To help, an audit capability exists for accessing parties to help with this review.

JFSC BLOCKED ACCOUNTS

1. Monitoring controls are in place, and if the JFSC believe the system is being misused, the JFSC can block your account.
   1. If your access is blocked, please contact your organisation’s administrator.
   2. Your administrator must contact obligedentities@jerseyfsc.org to re-activate blocked accounts.

SEARCHING CAPABILITIES OF THE OEBO REGISTER

1. To complete your search,
   1. Enter the exact entity name or registered number.
   2. This can be found using the Registry entities search on the JFSC website.

MULTI-ACCOUNT SEARCHES

1. If you must search many entities as part of your customer due diligence, don't hesitate to contact the JFSC for guidance.

RESULTS ON THE REGISTER

1. Data returned is data held within thirty minutes of when the search is performed.
2. Data will be refreshed every thirty minutes.
3. The data will be downloadable so you can evidence the time and date the search took place and attach it to your records.
4. The data must be treated confidentially and securely and used only to complete CDD and keep CDD records under the DPI Law.

DISCREPANCY REPORTING

1. The OEBO register does not verify or validate the particulars of beneficial owners and controllers entered in the central registry by obliged entities (or their nominated persons).
2. A discrepancy report will allow users of the OEBO register to report any discrepancies to the JFSC that have been identified between the information held on the register and other information available to the accessing party.
3. Before reporting a discrepancy, please check that your information obtained from sources other than the OEBO register is current (within 3 months); if not, please contact the entity directly for updated information.
4. The JFSC will email a letter with details of the type of discrepancy to the entity's nominated person to notify them that a discrepancy has been identified.

DISCREPANCY NOTICES

1. If you receive a discrepancy notification as a nominated person, the JFSC expect you to:
   1. Act by assessing the discrepancy noted
   2. Verify the details on the registry match the entity’s records
   3. Either confirm no discrepancies exist or file an UPDATED ASSOCIATED PARTY (UAP) submission

2. Timely assessment of discrepancy notifications is expected, and an entity must notify the JFSC within 21 days of becoming aware of any error or inaccuracy in the registry details.
3. Failure to act on a discrepancy notification may increase the entity’s risk rating and potentially subject it to an ad hoc inspection by the Registry Supervision team.
4. Receipt of a discrepancy notification is not necessarily a trigger event that would require a nominated person to refresh the nominated person's own CDD concerning the entity. AN assessment of current records held concerning an entity is sufficient.

DISCREPANCY MARKER

1. A marker will be visible if a discrepancy has been identified and reported to the Registry.
2. It is to caution users that a change may be imminent so they may also identify a discrepancy in the information in their possession.
3. Discrepancies have been categorised into Material 1 and Material 2.
   1. Material 1 discrepancy means there is a potential factual error on the register relating to beneficial ownership and control. For example,
      1. The filing is not current and does not have the correct roles or ownership.
   2. Material 2 discrepancy means there is a potential discrepancy in the data held on the register relating to beneficial ownership and control, such as
      1. A typing mistake or spelling error.
4. Discrepancy flags will be removed from the OEBO register once a confirmation of no discrepancy is received, a UAP submission is filed, or 21 days after identification.

REGISTRY SUPERVISION

1. When the JFSC Registry Supervision team undertakes an inspection, the JFSC can
   1. Access the audit log held by the accessing party or the central registry and select a sample of its searches to check that they have been undertaken for a legitimate reason.
2. For example,
   1. If the accessing party has undertaken 30 searches, the JFSC could select 10 to check by requesting evidence to support the legitimacy of each search.
   2. This could include prospective and/or successful client or customer onboarding documentation.
3. If searches are deemed to have been undertaken for ANY PURPOSE OTHER THAN COMPLETING THE OBLIGED ENTITY'S CDD UNDER THE MLO,
   1. This will constitute a breach of the law and will be referred to the attorney general for prosecution.