The Jersey Financial Services Commission has published its quarterly Registry supervision inspection programme feedback.
The feedback reflects on the first full calendar year of the Registry supervision programme and looks forward to 2024.
During the year, the Commission visited 2,630 entities and authenticated details of 14,256 associated parties, both individuals and corporates.
The associated parties encompass 23,833 roles comprising beneficial owners, controllers, members, directors and other significant persons.
During the inspection of these associated parties, 2,349 role inaccuracies were identified. The most common inaccuracies found were:
• Failure to disclose the individuals who control a corporate trustee if not JFSC regulated
• Structure charts that do not clearly outline the ownership structure or provide sufficient details about the individuals or entities with significant ownership interests and control
• Difficulties associated with correctly recording the joint ownership of shares
• Inadequate records and documentation related to address and identity verification
• Failure to provide translation documentation for foreign due diligence documentation
• Statutory registers containing inaccurate or outdated information.
To read more detailed analysis of the findings, examples of best practice and information on the 2024 inspection programme click here