Financial Crime

The Commission is today issuing Instruction Number 04/2017 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 03/2017 issued on 20 July 2017. Changes to instruction 03/2017 include the removal of Uganda and the addition of Sri Lanka, Trinidad and Tobago and Tunisia. Further details in respect of these changes can be found within Part B of the Instructions. The...

The Commission has published a guide to financial services regulation in the Bailiwick which is intended to clarify and explain regulation in a non-legal way. To view or download a copy please click here. At the same time, the Commission has taken the opportunity to republish its guide to risk based supervision in Guernsey which was first published in April 2016. To view or download a copy please...

During late 2016 a thematic review of fund managers and fund administrators' governance, risk and compliance frameworks was jointly undertaken by the Investment Supervision and Policy Division and the Financial Crime Supervision and Policy Division of the Commission. The Investment Supervision and Policy Division report which focussed on the mitigation of governance and compliance risk in relation...

This morning the Policy & Resources Committee approved “The Investor Protection (Designated Countries and Territories) (Bailiwick of Guernsey) Regulations, 2017” (“the regulations”). The regulations are in force from today. These regulations designate certain countries and territories for the purposes of s29(1)(cc) of the Protection of Investors (Bailiwick of Guernsey) Law 1987. The effect of this...

The Commission has today published “ The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules (No. 2) 2017” (please click here), which replaces the earlier version, published last month, which required some minor amendments.

The Commission today launches a consultation paper (please click here for a copy) on its proposals for the 2018 licence fees paid by firms. The consultation period will close on Friday 8th of September. An overall blended rate of increase of 3%, excluding anomalies, is proposed for 2018. Commission Chairman, Drs Cees Schrauwers, said: "For five years the Commission has kept the average fee...

Introduction The Commission is today seeking feedback and assistance from the financial services industry specifically on whether the provisions of the Enforcement Law may have any unintended consequences or fatal flaws. What the engagement is not about The Commission has engaged with the financial services industry through the issuing of a discussion paper and later through a full consultation...

The Commission is today issuing Instruction Number 03/2017 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 02/2017 issued on 10 April 2017. Afghanistan and Lao PDR have been removed from the list of countries and jurisdictions subject to the Instructions. Further detail about the removal of Afghanistan and Lao PDR can be found within the Instructions. The...

The Commission is today issuing Instruction Number 02/2017 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 01/2016 issued on 25 January 2017. Ethiopia has now been added to Part B of the Instructions, which lists countries and territories with Improving Global AML/CFT Compliance, following concerns about the lack of effective implementation of an adequate AML...