Financial Crime

The Commission has today issued in final form guidance for registered directors on their anti-money laundering and counter terrorist financing obligations. No changes have been made to the text from the draft guidance issued on 9 August 2023. Registered directors are remined that the AML/CFT obligations upon them, which are contained in Schedule 3 of the Criminal Justice (Proceeds of Crime) (...

On Monday 25 September and Tuesday 26 September the Commission delivered six presentations regarding the findings from its thematic reviews of Business Risk Assessments and Politically Exposed Persons published on 15 December 2022 and 27 July 2023 respectively. Over 400 people attended the six sessions which spanned two days. The slides from the presentations are available for review here.

In July, the Commission launched a director registration regime for individuals holding certain categories of directorships and the Commission wishes to remind individuals who qualify for registration that they have until 1 October 2023 to register. Details on the regime including an explanation of who should register, the application process for registering and the regulatory obligations on...

On Monday 25 September and Tuesday 26 September the Commission will deliver a series of sector specific presentations regarding the findings from its thematic reviews of Business Risk Assessments and Politically Exposed Persons published on 15 December and 27 July respectively . All sessions are being held at the Harry Bound Room, Les Cotils Centre, Les Cotils, St Peter Port, GY1 1UU. The sessions...

Further to the launch of a director registration regime for individuals holding certain categories of directorships, the Commission wishes to remind individuals who qualify for registration that they have until 1 October 2023 to register. Amendments made to the Criminal Justice (Proceeds of Crime) Law, 1999 and an amendment to the Regulations of Fiduciaries, Administration Businesses and Company...

The Financial Services Com mission (Bailiwi ck of Guernsey) Law, 1987 (the “ Financial Services Commission Law”) The Regulation of Fiduciaries, Administration Business and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “ Fiduciaries Law”) The Protection of Inve stors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”) The Insurance Managers and Insurance Intermediaries (Bailiwick of...

The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”) The Regulation of Fiduciaries, Administration Business 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...

The Commission has today issued in final draft form guidance for registered directors on their anti-money laundering and counter terrorist financing ("AML/CFT") obligations. This follows the introduction last month of a director registration regime for individuals using the up to six directorships exemption from fiduciary licensing where no other exemption from registration applies. This guidance...

The Commission has today issued its report on the thematic review of the effectiveness of firms’ monitoring of, and compliance with, requirements for managing the risks posed by Politically Exposed Persons (“PEPs”). We undertook onsite inspections to 30 firms across the sectors with the largest exposure to PEPs. In all of the 170 PEP files which were reviewed, the relationships had an appropriate...