Building a resilient and digital Registry

While 2020 was characterised by building the new digital customer platform, myRegistry, and our resilience during the initial outbreak of the pandemic, 2021 will be defined by further improvements to Jersey’s Registry.

This will be a momentous period in the Island’s economic development as this digital change will have a significant bearing on the future shaping of how, in particular, the finance industry operates post 2021.

The new Registry 2021

We have overhauled our registry systems to realise a step-change in customer service delivery. Our new digital services are delivered via myRegistry to provide improved information access, delivering self-service features and straight through processing for low-risk transactions. High-volume filing trust company and fund services businesses can integrate with our new application programming interface (API) channel to streamline processes with direct information updates. Behind the scenes, we are delivering enhanced vetting and compliance functions to further develop our capabilities to combat financial crime. Our robust processes and procedures are underpinned by modern legislation via the introduction, by Government, of the Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020.

We are aiming to complete work on the new Registry by 30 June 2021. Key deliverables for the year include:

Accurate adequate and timely data collection

• The first digital annual confirmation statement period will run from January to June (later for those willing to pay a late filing fee)
• The central Register of Directors (and significant persons) will be populated between January and June and will become public from 1 October 2021
• We will also be reviewing and planning for the introduction of a public register of Beneficial Ownership.

Vetting and automated processes

• From April to June, we will implement automated and enhanced vetting in accordance with changing international standards
• From May, we will offer enhanced digital interaction with more straight through and augmented processing.

Enhanced Registry compliance/enforcement and breach monitoring

• As the Registry becomes larger (there are currently 12 types of register) and new legislation and policies increase the requirements for us to provide accurate, adequate and timely data to law enforcement agencies and financial intelligence units, it is important that Jersey can demonstrate this data is correct. To do this, we will need to be able to enforce compliance. Other higher risk disclosures, such as activity and
  ownership, also need to be continually verified.

Digital

• We will review our digital policies and the potential to adopt a digital identification and verification application to on-board individuals
• From May, we will expand the use of API channels.

New products and system migration

• By May, we will have migrated the Securities Interest Register to the new platform
• We will continue our discussions with Government about migrating the Trades Mark register
• We will launch the Limited Liability Companies Register in line with new Government legislation coming into effect.

As you would expect from such an ambitious programme, both in terms of its aggressive delivery timelines and the constantly developing international standards, we will undertake a period of reflection and benefit realisation during the latter part of 2021. We will continue our day-to-day registry operations. We believe the digital registers will allow our Registry team to provide a more customer-focused service during 2021, while also dealing with the continued effects of the Covid-19 pandemic. This year we will also be preparing for future assessments and Government policy change or delivery. 2021 will see the Registry team contribute to the undertakings coming from the outcomes and recommendations of the 2020 money laundering National Risk Assessment.