1. Lending (including, without limitation, the provision of consumer credit or mortgage credit, factoring with or without recourse, financing of commercial transactions (including forfeiting) and advancing loans against cheques). 

2. Financial leasing.

3. Operating a money service business (including, without limitation, a business providing money or value transmission services, currency exchange (bureau de change) and cheque cashing).

4. Facilitating or transmitting money or value through an informal money or value transfer system or network.

5. Issuing, redeeming, managing or administering means of payment, means of payment includes, without limitation, credit, charge and debit cards, cheques, travellers' cheques, money orders and bankers' drafts and electronic money.

6. Providing financial guarantees or commitments.

7. Trading (by way of spot, forward, swaps, futures, options, etc.) in -

1. money market instruments (including, without limitation, cheques, bills and certificates of deposit)

2. foreign exchange, exchange, interest rate or index instruments, and

3. commodity futures, transferable securities or other negotiable instruments or financial assets.

8. Participating in securities issues and the provision of financial services related to such issues, including, without limitation, underwriting or placement as agent (whether publicly or privately).           

9. Providing settlement or clearing services for financial assets including, without limitation, securities, derivative products or other negotiable instruments.

10. Providing advice to undertakings on capital structure, industrial strategy or related questions, on mergers or the purchase of undertakings except where the advice is provided in the course of carrying on the business of a lawyer or accountant.

11. Money broking.

12. Money changing

13. Providing individual or collective portfolio management services or advice.

14. Providing safe custody services.

15. Providing services for the safekeeping or administration of cash or liquid securities on behalf of clients.

16. Carrying on the business of a credit union.

17. Accepting repayable funds other than deposits.

18. Otherwise investing, administering or managing funds or money on behalf of other persons.

19. Buying, selling or arranging the buying or selling of, or otherwise dealing in, bullion or buying or selling postage stamps.  

Businesses undertaking financial services business as defined in Schedule 1 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 (“the Law”) on an incidental or occasional basis may not be required to register with the Commission or to meet the AML/CFT regulations and rules in the handbook. To be excluded, your business must meet all of the criteria below (which appear in Paragraph 29 of Schedule 1 to the Law): 

1. the total turnover of that business, plus that of any other financial services business carried on by the same person, does not exceed £50,000 per annum,

2. no occasional transactions are carried out in the course of such business, that is to say, any transaction involving more than £10,000, where no business relationship has been proposed or established, including such transactions carried out in a single operation or two or more operations that appear to be linked,

3. the turnover of such business does not exceed 5% of the total turnover of the person carrying on such business,

4. the business is ancillary, and directly related, to the main activity of the person carrying on the business,

5. in the course of such business, money or value is not transmitted or such transmission is not facilitated by any means,

6. the main activity of the person carrying on the business is not that of a financial services business,

7. the business is provided only to customers of the main activity of the person carrying on the business and is not offered to the public, and

8. the business is not carried on by a person who also carries on a business falling within paragraphs 20 to 23A of Part I of Schedule 1 to the Law.

 

A copy of the application form to be completed by firms needing to register under the regulations is available in Documents and Forms. 

1. the legal name and any trading names of the business,

2. its place and date of incorporation or establishment,

3. its principal place of business and any other business addresses in the Bailiwick,

4. details of the type or types of financial services business carried out,

5. the name, address, date of birth and nationality of each of its directors, controllers, partners, senior officers and beneficial owners,

6. the name of the money laundering reporting officer, and

7. subject to the provisions of the Rehabilitation of Offenders (Bailiwick of Guernsey) Law 2002, whether or not any person mentioned in paragraphs (v) and (vi) has at any time had a criminal conviction and, if so, details of the conviction and the circumstances surrounding it.