Banking

​ On 4th April the Commission issued: Instruction (Number 12) for Financial Services Businesses and Instruction (Number 10) for Prescribed Businesses For repealed Instructions and Business from Sensitive Sources Notices, see the Business from Sensitive Sources & Instructions page of this website.

​ The IMF has today published six reports arising from its evaluations in March and May 2010 of the Bailiwick’s financial supervision and criminal justice frameworks. The reports commend Guernsey as having financial sector regulation and supervision of a high standard across all sectors, and a legal framework which provides a sound basis for an effective AML/CFT regime, with preventive measures...

On 6 December the Commission issued: Instruction (Number 11) for Financial Services Businesses and Instruction (Number 9) for Prescribed Businesses. For repealed Instructions and Business from Sensitive Sources Notices, see the Business from Sensitive Sources & Instructions page of this website.

​The States of Guernsey has adopted new sanction measures against Iran. The new sanctions introduce additional categories or persons as being subject to asset freezing provisions. Financial services businesses and prescribed businesses will need to familiarise themselves with the new sanctions and check their records to ensure compliance. Further information on the sanctions and any notifications...

​As notified in a news item on 1 September 2010, the Regulations came into force on that date. Financial penalties payable under the Regulations accrue automatically. It is the responsibility of each regulated person to ensure that they have complied with their applicable filing responsibilities. Regulated persons who submit filings after the prescribed date are responsible for ensuring that...

​A link to the regulations is provided here.

​ On 21 June the Commission informed all financial services businesses and prescribed businesses that the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) (No.2) Regulations, 2010 and the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) (Amendment) (No.2) Regulations, 2010 had...

Financial services businesses are advised that, as identified in Instruction Number 10 issued on 5 July, Greece continues to be included on the list of jurisdictions which the Financial Action Task Force considers to have strategic AML/CFT deficiencies. The Commission has therefore decided to remove Greece from Appendix C to the Handbook for Financial Services Businesses on Countering Financial...

Prior to November 2009 the Commission issued Business from Sensitive Sources Notices, which required enhanced customer due diligence measures to be undertaken by financial services businesses and prescribed businesses in Guernsey when taking on business or transactions from specified countries or territories. In November 2009 the Commission issued a further series of requirements. As these...