Under Guernsey's AML/CFT framework there are three broad types of registered businesses:
non-regulated financial services businesses which are supervised for AML/CFT purposes only;
prescribed businesses which are supervised for AML/CFT purposes only; and
regulated financial services businesses carrying out money services business which are also required to register for AML/CFT purposes as money service providers.
The framework, including the registration, has no effect on the conduct of business of a registered business except for the carrying out of AML/CFT measures.
Non-Regulated Financial Services Businesses
The Registration of Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 came into force on 30 July 2008 requiring registration with the Commission and compliance with the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Baiiwick of Guernsey) Regulations, 2007 and the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing.
Prescribed Businesses, ie firms of Legal Professionals, Accountants and Estate Agents
The Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) Regulations, 2008 came into force on 8 September 2008 requiring registration with the Commission and compliance with the regulations and the Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing.
Money Services Providers
The Criminal Justice (Proceeds of Crime) (Financial Services Business) (Bailiwick of Guernsey) (Amendment) Regulations, 2008 came into force on 8 September 2008 requiring registration with the Commission.