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IT consultancy firm XRM Architects have launched new software to help Jersey companies comply with the new Beneficial Ownership obligations, outlined by the Jersey Financial Services Commission (JFSC), before the June 30 deadline.
The software is the first of its kind and integrates straight to the JFSC whilst providing high levels of data protection and client security. Clients are already on the waiting list.
The team at XRM Architects have been working as part of a Developers Tech Group, facilitated by the JFSC, since last year and have created a standalone, electronic submission software tool that can significantly reduce the time associated with the ongoing reporting requirement. The solution is a 'middleware' product that allows for easy extraction of data from existing systems, data validation and electronic submission.
Simon Jackson, CEO and Founder, XRM Architects, says: "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."
An enhanced policy on Beneficial Ownership was released in November 2016 by the government. 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 new technology should assist those 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.
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