Financial Crime

The Commission has now sent its 2021 annual fees to all licensees and registrants by email. If you have not receive d an invoice by email you should contact [email protected] quoting the entity name and the GFSC reference number, which can be found on our website ( Regulated Entities and Registered Entities). You may also contact this email address to confirm the validity of an emailed invoice...

On the 11th day of December 2020 the Commission imposed the following discretionary financial penalties: Safehaven International Limited (the “Firm”) - £100,000 Mr Richard John Bach - £50,000 Miss Tracey Jane Ozanne - £5,000 Mr David Charles Housley Whitworth - £10,000 Mr Michael John Good - £10,000 Mr Stephen John Dickinson - £1,000 (collectively the “Individuals”) Mr Richard John Bach was also...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”); The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “Fiduciaries Law”); The Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”); The Insurance Managers and Insurance Intermediaries (Bailiwick of...

Licensees and registrants are advised that the Commission is changing the way it distributes its annual license fee invoices, commencing with the 2021 annual fees which are due to be sent out next month. Generic email addresses for all regulated and registered entities have been prepared which will be used to send out the annual fee invoices for 2021. If you wish to check which email address the...

The Commission has today updated Appendix I to the Handbook as a result of the outcomes of the FATF plenary held 21-23 October 2020 where it was announced that Iceland and Mongolia are no longer under increased monitoring by FATF. Iceland and Mongolia have strengthened the effectiveness of their AML/CFT regimes and addressed related technical deficiencies to meet the commitments in their...

During the month of September the Commission ran ten interactive sector specific workshops to just under 400 attendees in Guernsey and Alderney, to assist firms in developing their mitigation of the money laundering and terrorist financing risks to their business as identified in the National Risk Assessment. The Commission representatives provided an overview of the inherent money laundering and...

The Commission wishes to remind all financial services businesses and prescribed businesses (with the exception of personal fiduciary licensees) that the Financial Crime Risk Return (“the Return”) is due for submission by 31 October 2020. The Return can be found through the Commission’s Online Submissions Portal, located here: https://submit.gfsc.gg/ Further information on the background to the...

MONEYVAL has released a report titled "Money laundering and terrorism financing trends in MONEYVAL jurisdictions during the COVID-19 crisis”, which can be accessed directly on the MONEYVAL website. The report is based upon input from MONEYVAL members, including Guernsey.

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 to assist firms in developing their mitigation of the money laundering and terrorist financing risks to their business as identified in the NRA...