News

From today all firms (including sole practitioners) providing accountancy, insolvency, auditing and tax advice services by way of business in the Bailiwick are required to register with the Commission for anti-money laundering and counter terrorist financing purposes unless they meet all four of the exemptions provided for in regulation 16 of the Criminal Justice (Proceeds of Crime) (Legal...

​As notified in a news item on 1 September 2010, the Regulations came into force on that date. Financial penalties payable under the Regulations accrue automatically. It is the responsibility of each regulated person to ensure that they have complied with their applicable filing responsibilities. Regulated persons who submit filings after the prescribed date are responsible for ensuring that...

​Please note that from Friday 24 September 2010 the Guernsey Financial Services Commission’s new address will be:- PO Box 128 Glategny Court Glategny Esplanade St Peter Port Guernsey GY1 3HQ Channel Islands Other contact details remain the same.

​A link to the regulations is provided here.

The Commission has revoked the licence held by Sartor Resources Limited as an insurance manager with effect from 9 July 2010 in accordance with Section 9 of The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, as amended.

​ On 21 June the Commission informed all financial services businesses and prescribed businesses that the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) (No.2) Regulations, 2010 and the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) (Amendment) (No.2) Regulations, 2010 had...

Prescribed businesses are advised that the Commission has made two changes to the Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing (“the Handbook”). The changes are: the inclusion of a new section in chapter 4 of the AML/CFT handbook in respect of existing clients (i.e. clients taken on prior to the coming into force of the AML...

Financial services businesses are advised that, as identified in Instruction Number 10 issued on 5 July, Greece continues to be included on the list of jurisdictions which the Financial Action Task Force considers to have strategic AML/CFT deficiencies. The Commission has therefore decided to remove Greece from Appendix C to the Handbook for Financial Services Businesses on Countering Financial...

Prior to November 2009 the Commission issued Business from Sensitive Sources Notices, which required enhanced customer due diligence measures to be undertaken by financial services businesses and prescribed businesses in Guernsey when taking on business or transactions from specified countries or territories. In November 2009 the Commission issued a further series of requirements. As these...