The aim of BOC is to drill-down to the identification of persons who are the beneficial owners and controllers of legal persons or legal arrangements. This is required to prevent illegal activities via corporate entities or legal arrangements that can disguise identities and convert the proceeds of crime.
The Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020 (together with its supplemental regulations and order) came into force on 6th January 2021 and brought Jersey up-to-date with MoneyVal's assessment in relation to Jersey's implementation of FATF Recommendation 24 by introducing a specific legislative framework for the collection of BOC information.
Our training seminar looks at the following topics:
- What is BOC and why is it required?
- What are the corporate entities considered legal persons?
- Beneficial owners and controllers of legal persons
- Filing and updating beneficial owner and controller information
- Penalties for failing to report
- Beneficial owners and controllers of legal arrangements
- Example case studies
We have provided BOC training to trust companies, banks and in-house counsels. If you would be interested in receiving training or refresher training on this important area, please do get in contact.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.