General

Last week the Commission and the Financial Investigation Unit held a co-sponsored seminar entitled “Suspicious Activity Reporting” (SAR) which covered Trends, Tips, Analysis and Engagement. The purpose of the seminar was to provide industry, and particularly Money Laundering Reporting Officers, with the latest information in relation to SAR and the main areas which were covered included: - The law...

The Commission’s Director General, William Mason, today gave the key note speech at the annual Guernsey conference of the Institute of Chartered Secretaries and Administrators. The theme of his speech was “Ethics in Governance” in which he set out to make the case for a meaningful discussion of morality at the boardroom table and for ethical codes which can inform decision making at all levels of...

​ The Commission and the Financial Intelligence Service will be holding a co-sponsored seminar entitled “Suspicious Activity Reporting (SAR): Trends, Tips, Analysis and Engagement” on Thursday 8 May 2014. The purpose of the seminar is to provide industry, particularly Money Laundering Reporting Officers, with information in relation to SARs. The following areas will be addressed as part of this...

The States of Guernsey has today adopted sanction measures against the Central African Republic ("CAR"). All financial institutions and other bodies are requested to check their records to ensure they comply. In view of the deteriorating security situation in the Central African Republic ("CAR"), on 10 March 2014 the European Council adopted Council Regulation 224/2014 which gave effect to the...

​The States of Guernsey has today adopted further sanction measures against certain persons, entities and bodies in view of the actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. All financial institutions and other bodies are requested to check their records to ensure they comply. It was agreed by the European Council to introduce travel bans...

The States of Guernsey has today adopted further sanction measures against certain persons, entities and bodies in view of the situation in Ukraine. All financial institutions and other bodies are requested to check their records to ensure they comply. All financial institutions and other bodies and persons in Guernsey will need to ensure they do not maintain any accounts or otherwise hold any...

The Commission is today issuing Instruction (Number 21) for Financial Services Businesses, a copy of which can be accessed on the AML/CFT section of the Commission’s website. Business from Sensitive Sources Notices Instruction (Number 20) for Financial Services Businesses is now repealed and replaced by Instruction (Number 21) for Financial Services Businesses. 26 February 2014

​The Commission is today issuing Instruction (Number 19) for Prescribed Businesses, a copy of which can be accessed on the AML/CFT section of the Commission’s website. Business from Sensitive Sources Notices Instruction (Number 18) for Prescribed Businesses is now repealed and replaced by Instruction (Number 19) for Prescribed Businesses. 26 February 2014

The Commission has a policy of encouraging innovation. Virtual currencies are an area of innovation which the Commission continues to monitor closely while recognising that there are currently significant risks associated with them. In the light of those risks, the Commission will adopt a cautious approach and may well refuse applications to register financial services business where the use of...