Fiduciary

​ Business from Sensitive Sources Notice 5

​ The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 have now been signed by the Policy Council and, as anticipated, come into force on 15 December. The Commission is also now formally issuing the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing (containing rules and guidance) dated 15...

​GUERNSEY INTERNATIONAL FINANCIAL SERVICES COMMISSION, INTERNATIONAL FINANCIAL SERVICES CERTIFIED PAYMENT LIABILITY COVERAGE, IFSP & LC CERTIFICATION DECLARATION FORM The Commission has become aware of a scam in which victims are asked to pay a fee in order to obtain “Certified Payment Liability Coverage” from the “International Financial Services Commission”, to enable funds to be released. The...

​The Commission has prepared draft Bailiwick anti-money laundering and counter terrorist financing legislation on wire transfers to ensure that BACs can continue to be used by firms in the Islands for transfers between the Islands and the UK. The draft Transfer of Funds (Guernsey/Alderney/Sark) Ordinance, 2007 is available here (PDF, 55 Kb). A draft of chapter 7 of the Commission’s proposed AML...

Fiduciary licences are currently valid for one year from 1 July and the licence renewal fees are due one month prior to the start of the licensing year. This means that the fees for the renewal of full and personal fiduciary licences are due by 31 May each year. In order to move to calendar year fee invoicing full and personal fiduciary licensees will receive in May invoices for the remaining six...

​The Fiduciary Sector Policy Forum (FSPF) and the Association of Guernsey Banks (AGB) have worked closely with the Commission to produce an introducer certificate, in order to develop a consistent approach to the provision of information in respect of the underlying principals of business introduced by fiduciaries in the Bailiwick to local banks. The FSPF and AGB have now agreed the contents of...

27 April 2005 Representatives of the finance sector in Guernsey have requested clarification of the Commission's policy on certain aspects of introduced business. Accordingly, following consultation with the Joint Money Laundering Steering Group, the Commission has today issued Statement No. 2 on introduced business to the finance sector. Enquiries should be made to: Sylvia Sirett Senior Analyst...

Following the Decision of the Court of the Seneschal, Castle Company Management LLC made an Appeal to the Ordinary Division of the Royal Court of Guernsey. The Bailiff delivered his judgment on 27 August 2004. This decision is subject to a further Appeal. Judgment of the Bailiff of Guernsey in The Royal Court of Guernsey Ordinary Division on Appeal from the Court of the Seneschal between Castle...

​Press Release - Anti-Money Laundering Standards for Existing Customers 30 June 2004 Following the issue of revised Recommendations by the Financial Action Task Force in 2003, the Commission has issued a statement on anti-money laundering standards for existing customers (available here as a PDF document). The statement requires financial services businesses to assess the risk of each business...