News

Handbook on Countering Financial Crime and Terrorist Financing

28th April 2020
In response to operational adaptation that firms are undergoing as a result of restrictions imposed to tackle the spread of Covid-19, the Commission has decided to ease some of the timeframes in the Handbook rules. Specifically, those timeframes relating to the approval of business risk assessments and policies and procedures and for reviews of existing customers have been put back. The changes...

Sanctions Notice - Central African Republic

23rd April 2020
SANCTIONS NOTICE CENTRAL AFRICAN REPUBLIC Please be advised that the United Nations Security Council has added Martin Koumtamadji to the list of individuals and entities subject to restrictive measures, including targeted financial sanctions, under United Nations Security Council Resolution 2399 (2018). Further details are available here: https://www.un.org/press/en/2020/sc14165.doc.htm Under...

Financial Crime Handbook Consultation

17th April 2020
The Commission is undertaking a short consultation on changes proposed to rules and guidance in the Handbook on Countering Financial Crime and Terrorist Financing (version issued on 29 November 2019) to take into account the Bailiwick of Guernsey’s National Risk Assessment (“NRA”) on money laundering (“ML”) and the financing of terrorism (“FT”) which was published in January 2020. It is...

Can video calling be used to verify the identity of individuals?

6th April 2020
The Commission has received a number of enquiries from firms whose staff are working from home and are unable to verify individuals on a face-to-face basis through physical meetings or where the individual has been unable to provide to the firm a certified copy of their identification data. Rule 5.27 of the Handbook permits a firm to use electronic verification to verify, in whole or in part, the...

Covid-19 Scams Advice

2nd April 2020
The Commission has published, on the consumer pages of its website, advice for consumers on coronavirus-related fraud attempts. This advice aims to provide easily accessible and clear information to help people living in the Bailiwick protect themselves from these latest types of fraud and explains what to do if they fall victim to a fraud or attempted fraud. The advice can be found on the...

The Commission releases Two New FAQs regarding the provision of Signatures

31st March 2020
Whilst Many Licensees are Working From Home, with reduced IT access, does the Commission still require signed application forms? The Commission has received a number of enquiries from licensees who are working, with limited IT capacity, from home. Application forms require a ‘wet signature’. Where licensee/applicants are finding this impossible, due to the lack of access to a printer/scanner, the...

Commission warns licensees of the increased risk of fraud arising from COVID-19

27th March 2020
The Commission remains conscious of the operational issues being experienced by firms as they continue in their transition to an environment in which the majority, if not all, staff will be working from home. The Commission also acknowledges, and appreciates, the steps taken by these firms to continue to provide uninterrupted services to their customers and clients, albeit sometimes through...

Directors Duties

27th March 2020
Directors of Licensees will be mindful in these extraordinary times of their duties towards their own incorporated entity, regardless of whether it is a local business or forms part of a larger group of companies. Licensed entities are of course subject to the law, but holding a Licence from the Commission also adds various requirements laid down by the Commission in Rules, Conditions or other...

Commission allows more time for Firms to complete Key Financial Returns

24th March 2020
Amending the Timing of Financial Return filings with the Commission The Commission is conscious that almost all firms will be experiencing certain operational issues as they transition to an environment in which many of their staff will be working from home. Mindful of this and of some significant impending deadlines for financial returns, it is making the following changes to its expectations:-...