Jersey adds beneficial ownership compliance regtech tool

Jersey adds beneficial ownership compliance regtech tool

Jersey’s fight against money-laundering and tax evasion has taken what it calls “a significant” leap forward with the launch of a new regulatory technology (regtech) beneficial ownership compliance tool.

The new tool allows the automatic transfer of up to 300,000 beneficial ownership records at a time directly into the Jersey regulators’ system.

This development has come about following a joint venture between Digital Jersey (which promotes Jersey as a digital hub) and the Jersey Financial Services Commission (JFSC).

The two organisations announced the launch in a joint statement. The new product bids to help financial services businesses to comply with their responsibilities under the Jersey Government’s new beneficial ownership policy, cutting down on the time and costs until now associated with submitting beneficial ownership information manually.

“The beneficial ownership policy improves transparency by requiring financial services companies to submit to the regulator accurate and up-to-date information on individuals that own more than 25% of a company, the ‘Beneficial Owners’,” the JFSC statement said.

“The information is then validated by regulated professionals before it is sent on to law enforcement and tax authorities, creating an extra layer of protection that ensures corporate vehicles are not used for illicit purposes.”

Central registry

Jersey is one of just a few jurisdictions with a central registry for beneficial ownership information, building on the island’s reputation as a world leader in the global fight against tax evasion, money laundering and terrorist financing.

So far over 100 businesses have signed up to use the portal, the statement added.