News

Articles from 1998-2010

Amherst International Warning

16th September 2003
It has come to the Commission's attention that a number of residents of the Bailiwick have received unsolicited calls from representatives of Amherst International. The Commission would refer residents to its previous notices on the subject of cold calling on 1 June 2002, 24 July 2003 and 10 September 2003(all of which can be viewed on this website). Firms wishing to conduct investment business...

Sukomo Group Warning

10th September 2003
It has come to the Commission's attention that a number of residents of the Bailiwick have received unsolicited calls from representatives of the Sukumo Group. The Commission would refer residents to its previous notices on the subject of cold calling on 1 June 2002 and 24 July 2003 (both of which can be viewed on this website). Firms wishing to conduct investment business within the Bailiwick...

Cold Calling Investment Scam

22nd July 2003
The Commission has had a new twist to an investment scam brought to its attention and wishes to warn local investors about it.Over the past few years a number of local residents have been "cold called" by brokers from outside the Island attempting to get people to invest in shares in small overseas companies. The general pattern has been for the value of these thinly traded shares to dwindle and...

Consultation on Proposed Changes to Anti-Money Laundering Regulations and Guidance Notes

16th July 2003
​By notice issued in La Gazette Officielle on 16 July 2003, the Guernsey Financial Services Commission advised that proposed amendments to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Regulations and the Guidance Notes on the Prevention of Money Laundering and Countering the Financing of Terrorism had been placed for consultation in the "Prevention of Economic Crime" section of...

Principles for the Management of Credit Risk

17th June 2003
MEMORANDUM FILE REF: B52 TO: Managing Directors and Branch Managers of Guernsey Banks I enclose for your attention a copy of the Basel Committee on Banking Supervision's paper entitled "Principles for the Management of Credit Risk." It can be obtained in electronic format (PDF) from the Committee's website at http://www.bis.org/publ/bcbs75.pdf Management of Credit Risk Although this paper was...

Seminar on International Cooperation and the Exchange of Information

13th June 2003
​13 June 2003 The Guernsey Financial Services Commission has marked its fifteenth anniversary by sponsoring a seminar on international cooperation and the exchange of information. The seminar was aimed at regulators, financial intelligence officers, law enforcement officials, prosecutors and representatives of other authorities with an interest in financial services regulation and the prevention...

Guidelines for Corporate Governance and Risk Management of Banks - Consultation

23rd May 2003
Bankers will be aware that amendments currently in the pipeline to the Banking Supervision (Bailiwick of Guernsey) Law 1994 will create obligations for them in respect of corporate governance and risk management. The Commission intends to issue guidelines in support of those requirements. We were encouraged to produce these guidelines by the IMF Mission who recommended that we issue a guidance...

The Terrorism and Crime (Bailiwick of Guernsey) Law 2002 (Proscribed Organisations) (Amendment) Regulations 2003

20th February 2003
​20 February 2003 Attention is drawn to these Regulations which came into effect on 8 January 2003. Schedule 1 to the Terrorism and Crime (Bailiwick of Guernsey) Law, 2002 (which contains a list of proscribed organisations) has been updated by these Regulations which add an additional 4 organisations to the list of proscribed organisations set out in Schedule 1. Financial services businesses...

Bogus Banks – Intereurope Bank.com and IMBGroup Bank PLC

10th December 2002
INTEREUROPE BANK.COMINTEREUROPE BANK FINANCE COMPANY (GUERNSEY) LIMITEDIMBGROUP BANK PLCIMBGROUP FINANCE COMPANY (GUERNSEY) LIMITEDThe above-named entities have recently come to the Commission's attention. It has been noted from their web sites at www.intereuropebank.com and www.imbgroup.com that it is claimed that the companies have offices in Guernsey and that they are licensed by the Commission...

Fraud Warning – Form W8888

29th November 2002
Banks and their customers are warned that attempts have recently been made by criminals to obtain details of bank customers. This has been achieved by intercepting mail from the banks, doctoring their headed paper and requesting the customers to provide confidential information in a form which is then asked to be faxed to the UK. It has been noted that customers in Africa seem to have been...