Financial Crime

The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 14 September. The consultation paper is available on the Commission’s Consultation Hub. The Commission is consulting on an overall increase in fees of 9%. Other specific proposals to change fees are outlined in the consultation paper and...

On 24 June 2022 the Commission imposed a discretionary financial penalty on Artemis Trustees Limited of £450,000. The above sanction was imposed on Artemis Trustees Limited as a result of their failure to meet the minimum criteria for licensing under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020. More details to follow in due...

The Commission has today issued its report on the thematic review of its licensees’ effectiveness in monitoring and compliance with targeted financial sanctions. The results showed that the sanctions screening systems that firms use are effective. A copy of the thematic review can be found here. The Commission undertook this work in 2021 having recognised the growing importance and complexity of...

The Commission has today updated Appendix I of the Handbook as a result of the FATF's announcement that it has added the United Arab Emirates (“UAE”) to its list of jurisdictions under increased monitoring and has removed Zimbabwe. Zimbabwe remains on Appendix I as it is listed by other relevant external sources. Appendix I lists countries and territories that are identified by relevant external...

This notice is to provide notification that, in light of the war in Ukraine, any application involving individuals, entities or investments connected with Russia is ineligible for consideration through any of the Commission’s fast-track application regimes. The Commission will expect any application to be accompanied by reputable legal advice confirming the individuals and entities involved have...

The Commission is monitoring the situation and has been, through its 2021 thematic work on sanctions screening and other interactions, encouraging firms to prioritise their sanctions monitoring and assessment of sanctions risks. The Commission requests that all firms check whether they maintain any accounts or otherwise have any kind of relationship with the persons referred to in sanctions...

On the 20th day of January 2022, the Commission imposed a discretionary financial penalty of £196,000 on Robert Archibald Gilchrist Sinclair and prohibited him from holding the position of controller,* director, partner, manager, money laundering reporting officer and money laundering compliance officer for a period of 5.6 years. The exemption set out in section 3(1)(g) of the Fiduciaries Law...

The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (“the Enforcement Powers Law”) The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”) The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (“the Regulations”) The...