Beneficial ownership transparency has been one of the dominant themes in the global regulatory environment since the Panama Papers in 2016 and the Pandora Papers in 2021. The response — mandatory beneficial ownership registers across most CSP jurisdictions — has created a significant ongoing compliance obligation for CSPs that administer entities across multiple jurisdictions. 2024 brought both setbacks and progress in the global beneficial ownership register landscape.
The most significant development of 2023 that continued to shape the landscape in 2024 was the Court of Justice of the European Union's ruling in November 2022 (WM and Sovim v Luxembourg Business Registers) that the EU's mandatory public access to beneficial ownership registers was incompatible with the fundamental right to privacy under the EU Charter of Fundamental Rights. This ruling required EU member states to restrict public access to UBO registers, creating a significant reversal of the transparency agenda that had been central to the EU's AML reform programme. The implications for CSPs with EU-incorporated entities or EU-connected clients continued to be worked through during 2024.
The EU Position After the CJEU Ruling
Following the CJEU ruling, EU member states were required to suspend or restrict public access to their UBO registers. Many member states had already implemented tiered access systems by 2024 — with full access for competent authorities (financial intelligence units, tax authorities, regulators) and professional service providers with a legitimate interest, and restricted or no access for the general public. The precise access rules vary by member state, creating complexity for CSPs advising on multi-jurisdictional EU structures.
For CSPs administering entities in EU jurisdictions — particularly Luxembourg, the Netherlands, Ireland, and Malta, which host significant numbers of holding and investment structures — the 2024 position required understanding which EU member state's UBO register rules applied to each entity, what access restrictions were in place, and how changes in member state implementation affected reporting obligations. The EU's AML reform package — which was agreed in 2024 and includes a new single rulebook and a new EU AML Authority (AMLA) — is expected to revisit beneficial ownership register access rules as part of the broader reform, but the new framework's full implementation extends into 2025-2027.
BVI: BOSS System Developments
The BVI's Beneficial Ownership Secure Search System (BOSS) has been operational since 2017, providing law enforcement and regulatory authorities in designated partner jurisdictions with access to BVI beneficial ownership information held by registered agents. The BVI has consistently maintained that BOSS satisfies international beneficial ownership transparency requirements without the privacy risks of a fully public register.
"The debate about public vs. non-public registers is moving in a more nuanced direction than it was in 2021-2022. The CJEU ruling has legitimised the argument that privacy rights must be weighed against transparency objectives. The question now is not 'should registers be public?' but 'who should have access, under what conditions, and with what safeguards?' That is a much more tractable policy question."
— Policy adviser, offshore financial centre government
For BVI CSPs, the ongoing operational requirement is ensuring that the beneficial ownership information held on BOSS is current and accurate. The BVI Financial Services Commission requires registered agents to update BOSS records within 30 days of any change to beneficial ownership information. Failure to keep BOSS records current is a regulatory breach that BVIFSC takes seriously in examinations. With the expanded economic substance reporting obligations that also flow through BOSS, the system is increasingly central to the BVI's regulatory compliance infrastructure.
Cayman: Beneficial Ownership Framework Update
The Cayman Islands' beneficial ownership regime is set out in the Companies Act and the Beneficial Ownership Transparency Act (BOTA). Cayman entities are required to maintain a beneficial ownership register and to provide information to the Cayman Islands Competent Authority on request. The Cayman regime does not provide public access to the register — information is available to competent authorities through information exchange channels.
Jersey and Guernsey: Register Developments
Jersey maintains a central register of beneficial owners administered by the JFSC, which is accessible to law enforcement, regulatory authorities, and persons with a legitimate interest. Jersey had been on a trajectory toward public access to the register but paused this development following the CJEU ruling, pending further policy consideration. The JFSC's ongoing supervisory work on beneficial ownership data quality — ensuring that the information on the register is current and accurate — continued through 2024 with examination programmes that include specific testing of UBO register obligations.
Guernsey's beneficial ownership framework similarly provides access for authorities and persons with legitimate interest, without full public access. The Guernsey Registry maintains the register and CSPs must ensure that beneficial ownership notifications are made promptly on any change. The definition of registrable beneficial owner, the notification timelines, and the verification requirements are all areas that Guernsey-licensed CSPs must understand clearly.
Singapore: RORC Compliance
Singapore's Registers of Registrable Controllers (RORC) framework requires Singapore-incorporated companies and certain other entities to maintain a register of registrable controllers — individuals or entities that have significant control over the company — and to file a copy of the register with ACRA (the Accounting and Corporate Regulatory Authority). Controllers are defined as persons or entities holding more than 25% of shares or voting rights, or having the right to appoint a majority of directors, or having significant actual influence or control.
The RORC requirement has specific implications for Singapore-incorporated holding entities in international structures administered by CSPs. The CSP must ensure that the RORC is current, accurately reflects the beneficial ownership structure, and is filed with ACRA. Changes to the RORC must be filed within 2 business days of the change — a tight timeline that requires automated alerts and a clear internal process for capturing and recording beneficial ownership changes as they occur.