Financial Crime
01 October 2016
15 September 2016
15 September 2016
08 September 2016
08 September 2016


The Guernsey authorities, including the Guernsey Financial Services Commission are committed to meeting established international standards on anti-money laundering and combating the financing of terrorism.  In this connection, both the October 2003 and the January 2011 reports from the International Monetary Fund (IMF) on its evaluations of the AML/CFT framework of the Bailiwick of Guernsey concluded that the Bailiwick has a high level of compliance with the standards set by the Financial Action Task Force (FATF).  The IMF’s 2011 evaluation reports are available below.
Further information on FATF and its standards are available on its website at www.fatf-gafi.org.
 

Regulations and Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing and the Regulations and Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing

 
The Regulations, Handbook and Business from Sensitive Sources Instructions which apply to all financial services businesses (both regulated and non-regulated) are available from the menus in this section of the website.
 
Financial Crime Supervision & Policy Division
As part of the Commission’s transformation programme a centralised Financial Crime Supervision & Policy Division has been established.
 

The Benefits of Centralisation

A number of benefits from the centralisation of processes within the Financial Crime Supervision & Policy Division have been realised:
  • application of a Commission wide risk-based approach to anti-money laundering and countering the financing of terrorism ("AML/CFT"); 
  • co-ordinated Regulatory Division on-site visits occurring concurrently to minimise the level of inconvenience to Financial Services Businesses (“FSB”), Non-Regulated Financial Services Businesses (“NRFSBs”) and Prescribed Businesses (“PBs”); 
  • an efficient, effective and consistent approach across all areas of anti-money laundering, countering financial crime and terrorism financing by applying standardised processes; 
  • an established centre of financial crime expertise; 
  • it has enabled Commission-wide service standards to be set; 
  • increased efficiency and optimisation of the Commission’s time during on-site visits. 

The Visit Process

FSBs, NRFSBs and PBs receiving visits from the Commission should not see a significant change in the methodology by which the on-site visits were conducted. One difference in the process is the introduction of the AML/CFT Questionnaire.  The AML/CFT Questionnaire is a formulation of a series of questions, which is sent to FSBs, NRFSBs and PBs prior to a visit for completion and return together with any supporting documentary evidence.
 

Timeframe

This provides the FSBs, NRFSBs and PBs who are to be visited with a period of four weeks in which to complete and return the AML/CFT Questionnaire together with supporting documentary evidence to demonstrate compliance with the Regulations, Handbook and Instructions.
 
Timely completion of the AML/CFT Questionnaire and providing the supporting documentary evidence prior to the visit will provide the Financial Crime Supervision & Policy Division with a greater understanding of the business prior to commencing the on-site visit.
 
The on-site visit will commence within four weeks of receipt of the AML/CFT Questionnaire and supporting documentary evidence.
 

Enquiries

 

Primary Regulatory Contact

The Regulatory Divisions (Investment Supervision and Policy Division / Banking and Insurance Supervision and Policy Division / Fiduciary Supervision, Policy and Innovations Division) remain the primary point of contact in respect of all other regulatory matters.
Guernsey Financial Services Commission