Financial Crime

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...

The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms (please click here for a copy of the consultation paper). The consultation period will close on Tuesday 15 September. The proposals are for an increase of 2.1% across all sectors, based upon Guernsey’s RPI, together with the introduction of a modest fee for fast track applications of £500...

The Commission has today issued its report on the thematic review of source of funds / source of wealth in Guernsey’s private wealth management sector. The review was undertaken during the second half of 2019. A copy of the thematic review can be found by clicking here. Whilst the review focused on sectors identified in Bailiwick of Guernsey’s National Risk Assessment as being most exposed to the...

The COVID 19 pandemic resulted in many licensees being unable to operate in their usual office environments. Entering Phase 5, a return to normal activity in the Bailiwick, has seen many licensees return to their offices but we are conscious that adoption of home working has accelerated. Information security risks can increase with home working and therefore we are highlighting a non-exhaustive...

Further to the news release of 8 January 2020, referring to the introduction of exit interviews for individuals who held the position of MLRO and/or MLCO with a bank or fiduciary firm, the Commission has decided to extend the pilot initiative until the end of December 2020. The initiative has proved useful and has provided supervisory staff with a greater understanding of the MLRO/MLCO role(s)...

Over the last three months, various international supervisory bodies have reaffirmed the planned timelines for transition away from LIBOR to alternative reference rates, such as SONIA (Sterling Overnight Index Average) or SOFR (Secured Overnight Financing Rate). Firms should therefore continue to assume that they will be unable to rely on LIBOR being published beyond the end of 2021 and should...