IT consultancy firm XRM Architects, are the first to launch a locally developed solution to help companies achieve their new Beneficial Ownership obligations, as outlined by the Jersey Financial Services Commission (JFSC).
In November 2016, the Government released a policy document detailing an enhanced policy on Beneficial Ownership to ensure that Jersey continues to fulfil its obligation as a responsible international finance centre. The policy now requires anyone who registers Jersey companies to provide additional Beneficial Ownership details to the JFSC for every Jersey company by the end of June 2017. In addition, all are now required to continue to submit any changes to Beneficial Ownership within 21 days for any changes after June.
The team at XRM Architects have been working as part of a Developers Tech Group, facilitated by the JFSC, since last year to realise a technical solution that can ease the administrative burden of this task and ensure Jersey companies remain compliant. Simon Jackson, CEO and Founder of XRM Architects, has developed an interface that integrates straight to the JFSC whilst providing high levels of data protection and client security.
The new technology will greatly assist companies that administer numerous Jersey corporate and legal entities such as finance companies, law firms and accountancy practices. The JFSC expects this information to be submitted electronically, as there will be no paper submission alternative.
This is the first software of its kind to become available. It is a standalone, electronic submission software tool that can significantly reduce the time burden associated with this ongoing reporting requirement. The solution is a ‘middleware’ product that allows for easy extraction of data from existing systems, data validation and electronic submission. The solution already has a waiting list of clients and XRM Architects are offering no obligation meetings to clients to explore the system and individual requirements.
Jersey Financial Services Commission Director of Registry, Julian Lamb commented:
‘The local digital sector is successfully providing solutions to enable Trust Company Businesses to file Beneficial Ownership information. This is the practical delivery of Fintech and Regtech. Local entities will need to use technical integration solutions or the Registry portal to complete their Beneficial Ownership information on or before the deadline of 30 June 2017.’
Simon Jackson, CEO and Founder, XRM Architects, says:
‘Through the Developers Tech Group we have been working closely with the JFSC on our solution and we are pleased that we are the first to bring the software to fruition. The JFSC have reached out to the local technology community since the change in policy as the timeframe for local companies to comply is tight. I am aware that this is potentially the first step in a much more electronic approach for the JFSC that will develop over the next 12 months to encompass all types of reporting and we look forward to assisting numerous companies through this process and ultimately achieving highly secure, time saving solutions for all.’