Flyingboat News

Jersey Beneficial Owner Registry Reporting

Apr 12, 2017

API based electronic reporting solution available from Fusion

Rapid progress has been made on the API approach for filing data by the JFSC (enabling a machine to machine interface for electronic data delivery). Following stakeholder meetings in April the test API went live on 12th May.

Fusion has developed software and services to help organisations with their filing requirements through the API option to add to our expanding repertoire of Regtech products and services. The approach is similar to our FATCA/CRS reporting - a standard Excel data template is used to collect the reporting data and relationships which in turn will be validated and reviewed. The data can then be transmitted to the JFSC registry through the API as digitally signed and encrypted data message.

The JFSC are also providing a facility for third parties to deliver the data to the JFSC. Should sufficient demand exist for this service then we will be able to offer it. The Excel data template will share common elements with our FATCA/CRS templates so that data collected for that purpose can be used where appropriate.

For users of our own Flyingboat Wealth Management Software are able to source the data directly from the underlying data structures so any data remediation required can take place within the core product.

For more information please contact us via the details on our contact page.

Alan Rowe
updated 12th May 2017

Background & Useful References:

The States of Jersey announced in November 2016 its policy enhancing the provisions for maintaining a Beneficial Ownership Registry. The policy document can be viewed here. With a requiement to establish the register and for trust and company service providers to file their data by 30th June 2017 considerable pressure exists both to establish an electronic register at the JFSC and for Trust and Company Service providers and other organisations to meet their reporting obligations.