Articles from 2016

​Following last year’s successful one-day seminar for intermediaries on conduct of business, the Commission recently held an interactive seminar which was attended by approximately 85 representatives from insurance intermediaries, insurance companies, insurance managers and retail banks. In selecting the topic for this year’s seminar, the Commission recognised that significant changes will be...

​ISIL (Da'esh) and Al-Qaida Network Please be advised that the United Nations Security Council has deleted one individual from the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. All persons on the list are subject to restrictive measures which include targeted financial sanctions. Further details are available here: http...

Following a short consultation with industry the Commission has today issued revised Annexes to the Financial Services Business ("FSB") and Prescribed Business ("PB") Handbooks on the use of technology in the customer due diligence process. The updates have removed the guidance on the use of online utility bills and clarified further the interplay between the existing rules in the Handbooks and...

Please be advised that the United Nations Security Council has deleted one individual from the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. All persons on the list are subject to restrictive measures which include targeted financial sanctions. Further details are available here: http://www.un.org/press/en/2016/sc12433...

​Please be advised that there have been a number of developments in relation to the Bailiwick's sanctions regime which are set out below. These developments concern sanctions relating to Liberia, Cote d'Ivoire and Syria. LIBERIA In recognition of the sustained progress made by the Government of Liberia in rebuilding Liberia for the benefit of all of its citizens in the wake of the civil war in...

A number of amendments have been made to the sanctions regime imposed by Council Regulation (EC) No 329/2007, as implemented in the Bailiwick by the North Korea (Restrictive Measures) (Guernsey) Ordinance, 2007, the North Korea (Restrictive Measures) (Alderney) Ordinance, 2007, and the North Korea (Restrictive Measures) (Sark) Ordinance, 2007. These amendments are automatically and immediately...

A number of changes have been made to the sanctions regimes in place regarding ISIL (Da’esh) and Al-Qaida. Further to previous Sanctions Notices issued in relation to the addition of five individuals to the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267,and the removal of one individual from that list, corresponding...

HM Treasury has renewed the final designation of one individual under the Terrorist Asset-Freezing etc. Act 2010. The individual therefore remains a Designated Person for the purposes of the Act. Details of the individual are available here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/521530/TAFA_Renewal_Notice_050516v2.pdf HM Treasury has also allowed the designation...

​The Commission has today published its 2015 annual report and financial statements. In his Chairman’s statement, Drs Cees Schrauwers reviews the progress the Commission has made against its three-year plan, which was initiated in 2013 and comprised seven key goals. Chief amongst those goals was enhancing relationships with government and industry, raising the Commission’s professionalism and...