JERSEY: Jersey resumes consultation on ‘legitimate interest’ access to beneficial ownership register

As published on: step.org, Monday 3 November, 2025.

Jersey has launched a second consultation on plans to allow access to its central register of beneficial ownership to people who demonstrate a ‘legitimate interest’.

Access under these circumstances for the purpose of preventing, detecting or investigating money laundering is a requirement of the Financial Action Task Force (FATF), which sets the international standards for anti-money laundering (AML) legislation. It is also required by the EU’s Sixth Anti-Money Laundering Directive (6AMLD), to which Jersey must have regard, although it is not an EU Member State.

However, the exact nature and conditions to be applied to the ‘legitimate access’ condition is a matter for each jurisdiction. This has given rise to much delay and disagreement, as evidenced by the failure of 11 EU Member States to meet the July 2025 deadline set by European Commission for transposing the 6AMLD into national law. Moreover, FATF’s own guidance recognises that a disclosure regime should include ‘data protection and privacy safeguards…including restrictions on the information available to the different users of the register and other beneficial ownership information sources to prevent the improper disclosure of this information.’

Jersey, along with many other jurisdictions worldwide, has concluded that granting unlimited public access to its beneficial ownership register would not be compatible with its international obligations under the European Convention on Human Rights or with domestic laws. It duly revised its policy to refocus on a legitimate interest-based access policy.

A consultation on the proposals earlier in 2025 attracted concern from industry bodies. Most expressed concern that the 1 January 2026 deadline would not give industry sufficient time to conform. Concerns were also expressed regarding cost, impact on industry, clients, competitiveness and whether the loss of privacy might impact private wealth business.

The Jersey Financial Services Commission says it remains committed to aligning with international standards. ‘We note that there are ongoing international discussions regarding the balance to be struck between individuals’ right to privacy and transparency of beneficial ownership’, it says.

The Jersey government said of the new consultation: ‘There is no single solution to achieving transparency. It involves more than simply making information available to anybody. It requires a comprehensive and responsible approach to ensure that accurate information is collected, maintained, and made accessible to those who need it to prevent and detect financial crime.’

The jurisdiction intends to adopt a risk-based approach, carefully balancing the need for transparency with broader policy considerations, ensuring that measures are proportionate, effective and respectful of individual rights.

The proposed application process will include: identification and verification of the applicant and their occupation; details of the legal entity whose beneficial owner information is being requested; explanation of how the requested information relates to the applicant’s work; the specific details of intended use of the information; and completion of a data protection declaration. Submission of false or misleading information within an application will be subject to appropriate penalties including financial sanctions and criminal. Applications will be subject to a fee, set by the Registry.

‘Increasing access to information to certain categories of person can support efforts to tackle illicit finance, [but] it cannot come at the expense of an individual’s fundamental right to privacy’, said the government. ‘The consultation paper seeks to explore that balance.’

The consultation closes on 30 January 2026.