Banking

The Commission is undertaking a short consultation on changes proposed to rules and guidance in the Handbook on Countering Financial Crime and Terrorist Financing (version issued on 29 November 2019) to take into account the Bailiwick of Guernsey’s National Risk Assessment (“NRA”) on money laundering (“ML”) and the financing of terrorism (“FT”) which was published in January 2020. It is...

The Commission has received a number of enquiries from firms whose staff are working from home and are unable to verify individuals on a face-to-face basis through physical meetings or where the individual has been unable to provide to the firm a certified copy of their identification data. Rule 5.27 of the Handbook permits a firm to use electronic verification to verify, in whole or in part, the...

The Commission remains conscious of the operational issues being experienced by firms as they continue in their transition to an environment in which the majority, if not all, staff will be working from home. The Commission also acknowledges, and appreciates, the steps taken by these firms to continue to provide uninterrupted services to their customers and clients, albeit sometimes through...

Directors of Licensees will be mindful in these extraordinary times of their duties towards their own incorporated entity, regardless of whether it is a local business or forms part of a larger group of companies. Licensed entities are of course subject to the law, but holding a Licence from the Commission also adds various requirements laid down by the Commission in Rules, Conditions or other...

Amending the Timing of Financial Return filings with the Commission The Commission is conscious that almost all firms will be experiencing certain operational issues as they transition to an environment in which many of their staff will be working from home. Mindful of this and of some significant impending deadlines for financial returns, it is making the following changes to its expectations:-...

The Commission confirms that with effect from close of business on Tuesday 24 March 2020, the majority of its staff will be home working with just a small core staff operating from the Commission’s offices based at Glategny Court. The switchboard will continue to operate during normal office hours and callers will be asked by the receptionist to provide their contact details in order that a member...

The Commission is closely monitoring the coronavirus situation and will be increasing its financial stability monitoring work and acting to ensure that consumers are protected where necessary. We would appreciate firms’ co-operation with our financial stability enquiries when we make them as we need to be able to continue to understand the health of the largest part of Guernsey’s economy during...

At the joint presentations on the National Risk Assessment (“NRA”) from the Commission, Policy and Resources Committee and Financial Intelligence Service in February, it was highlighted that the Commission would be running a series of interactive workshops in April to assist firms in developing their mitigation of the money laundering and terrorist financing risks to their business as identified...

The Commission is maintaining its efforts to monitor financial stability issues across the financial services sector. As part of this, the Commission considers it essential that firms continue to make accurate regulatory returns in a timely manner. The Commission appreciates that some firms may encounter challenges in their interactions with some third parties in preparing their regulatory returns...