Fiduciary

​The Commission has written to the managing directors of all Financial Services Businesses today, seeking comments on the proposed changes to Schedule 1 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 ("the 1999 Law"), proposed changes to Schedule 1 to the Registration of Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 ("the 2008 Law")...

​ Handbook for Financial Services Businesses Handbook for Prescribed Businesses

​Instructions for financial services businesses and prescribed businesses

The Commission has updated the Codes of Practice issued under section 35 of the Fiduciary Law. The changes, which come into force on 1 August 2009, can be summarised as follows: The names of the AML/CFT legislation and the AML Handbook have been updated. The names of the trust and company laws and related terminology have been updated. The description of the “four-eyes” requirement has been...

​The Policy Council have signed the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2009. The main change to the 2007 regulations created by the amendment regulations is a requirement that senior management sign off is needed for all new high risk relationships and not only for new PEP relationships. The amendment regulations...

​Business from Sensitive Sources Notice 9 for financial services businesses and Notice 4 for prescribed businesses

​ Business from Sensitive Sources Notice 8 for financial services businesses and Notice 3 for prescribed businesses

The Commission has noted the coverage in the Guardian of 4 March 2009 under the heading “Chelsea connection” about investigations by the Financial Services Authority and the Guernsey Financial Services Commission around 2003, including Mr Patrick Murrin’s comments on the circumstances of his departure from Harbour Trustees Limited. The Commission repeats the statement it made on this subject in...

​Business from Sensitive Sources Notice 7 for financial services businesses and Notice 2 for prescribed businesses