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JFSC Registry Supervision Inspection Programme 2023 Q3 feedback + plan for 2024


The JFSC Registry Supervision function demonstrates compliance with international standards and the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020 and facilitates and enhances our transparency regime.

The JFSC Registry Supervision function proactively monitors and undertakes additional risk-based supervision to ensure adequate and current information.

During the reporting period, 32 cases were referred for prosecution in the Magistrate’s Court. The convictions for the offence of failing to appoint a nominated person are detailed as follows:

Inspection programme 2023

During 2023, the following will be prioritised for inspections:-

 Sensitive activity or activity linked to high-risk jurisdictions (high-risk factor).

 Key individuals linked to high-risk jurisdictions (high-risk factor).

 Key individuals linked to high-risk/sensitive activity outside the entity (high-risk factor).

 Key individuals linked personally, or by association, to offences of dishonesty (high-risk factor).

 Multiple unregulated entities use the same registered office (risk-based thematic selection and unauthorised business).

 Entities where the location or number of beneficial owners/ members/ significant persons do not appear to fit with the nature of the activity (risk-based thematic selection).

 The same nominated person provides services to many entities (risk-based thematic selection and unauthorised business).

 Entities previously subject to queries or other liaisons with JFSC Supervision/Enforcement, which have triggered a higher risk profile (supporting JFSC Supervision/Enforcement).

 Previous history of late/non-compliance with statutory obligations (intelligence-led).

The inspection programme in the second half 2023 will focus more on entities with a trust company service provider. It so will include different types of legal persons as well as companies (foundations, limited liability companies, separate limited partnerships and incorporated limited partnerships). It will also include more limited partnerships.

Inspections may take place for unforeseen reasons, such as those that are intelligence-led, risk-driven, or to support JFSC Supervision/Enforcement.

The themes for Registry Supervision inspections for this year will be published on the website.

Please look at the JFSC Registry website from time to time to keep abreast of our themed visits and conclusions from these visits. One of the first thematic reviews will consider the risk of serviced offices.

See the full report here



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