Read our Q4 2024 Registry Supervision inspection programme feedback
A core focus for our 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.
Our Registry examination officers meet with relevant individuals and inspect documentation in relation to the entity and the significant persons. We use this information to confirm that the data recorded on the Registry database is accurate.
Our feedback paper provides examples of good practice identified during the inspections and face-to-face interviews in Q4 2024.
Findings identified
- associated parties’ details not kept up to date
- difficulties associated with recording joint ownership in respect of members
- lack of understanding of the three-tier test, leading to errors and omissions of beneficial owners and controllers
- failure to disclose individuals controlling a corporate trustee if they are not regulated by us
- 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
- inadequate identification of executors in the situation where a beneficial owner, controller or significant person is deceased
- statutory registers containing inaccurate or outdated information
Good practice identified
- findings show that there are no systemic issues of concern, and most discrepancies are minor
- entities who keep up-to-date due diligence documentation with the registers tend to file the right identification data
- entities who are more proactive in updating their registers also maintain accurate data in our Registry’s records
- developing a comprehensive pre-inspection readiness plan to ensure that entities are well-prepared, reducing the risk of oversights and streamlining the inspection process
- trust company service providers (TCSPs) that maintain comprehensive documentation of trust structures, ownership, and control information tend to have fewer findings
- the myParties feature in myRegistry should be used, as this enables users to submit more accurate information
Read our Registry Supervision inspection programme Q4 2024 feedback paper.
We encourage boards, senior management, and owner operators to consider the findings and conclusions in this report.
Inspection programme for 2025
We have listened to your feedback and are going to streamline the inspection process to reduce burden on resources for Jersey registered businesses. In 2025:
- we will select entities for inspection which are proportionate with the size of the TCSP
- Registry Supervision inspections and regulatory examination visits will not be held together
Registry Supervision criteria during 2025 will continue to concentrate on high-risk indicators and politically exposed persons.