FAQs

What is a prescribed business?

A prescribed business means any business of a type described in Paragraphs 1, 3 or 5 of Schedule 2 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999​.

What AML/CFT requirements must be met by prescribed businesses?

Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 as amended ("Schedule 3") and The Handbook on Countering Financial Crime and Terrorist Financing ("the Handbook") set out the Bailiwick's anti-money laundering and countering the financing of terrorism ("AML/CFT") framework.

The Handbook contains rules and guidance made by the Commission under Schedule 3, as well as references to other relevant legislation, for example, in respect of disclosures and UN, EU and other sanctions.

Does a person who wishes to conduct prescribed business in, or from within, the Bailiwick need the Commission’s prior approval?

Unless a person who wishes to carry on prescribed business can benefit from the exemption provisions in the law (see the FAQ on exemptions below), they must register with the Commission and meet the requirements of Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 as amended and the rules and guidance in the Handbook.  Details of how to apply are found in the New Applicants and the Registered Business pages of our website.

I understand that, if a business carries out prescribed business on an occasional or very limited basis, it is exempt from complying with the requirements of Schedule 3 and the Handbook. What does this mean?

Businesses undertaking prescribed business as defined in Schedule 2 to the Law on an incidental or occasional basis may not be required to register with the Commission or to meet the requirements of Schedule 3 to the Law and the rules in the Handbook.  To be excluded, your business must meet all of the criteria below (which appear in Paragraph 1(2) of Schedule 3 to the Law:

  1. The total turnover of the person carrying on the prescribed business in respect of the prescribed business does not exceed £50,000 per annum,
  2. The prescribed business – 
    1. If it is an estate agent, does not hold deposits, or 
    2. If it is a prescribed business other than an estate agent, does not carry out occasional transactions,
  3. The services of the prescribed business are provided only to customers or clients resident in the Bailiwick, and
  4. The funds received by the prescribed business are drawn on a bank operating from or within the Bailiwick.

If your business satisfies all of the above criteria you do not need to register with the Commission and you are not subject to the requirements of Schedule 3 or the Handbook.