Articles from 2014

The Commission has today published an additional FAQ under the FC&A tab regarding the certification of copy documentation requirements and best practice. The FAQ can be found at the top of the Financial Crime Supervision and Policy Division's FAQ page here: [ link removed : see AML/CFT Handbook instead].

Please be advised of the following changes to sanctions listings related to the Al-Qaida network which have immediate effect in the Bailiwick. Further to the previous Sanctions Notice issued regarding United Nations listings for 6 individuals associated with extremist groups in Iraq and Syria, these individuals have now been added to the list maintained by the European Union under Council...

​The Commission is today issuing Instruction (Number 04/2014) for both financial services businesses and prescribed businesses. The instruction has been issued as a result of amendments made to the legislation surrounding the reporting of suspicion. The existing Handbooks are in the course of being reviewed and therefore to minimise the impact, and to avoid reprinting the full Handbook while the...

It has been brought to the Commission's attention that the above-named entity, with an associated website of www.ciswaps.co.uk, recently placed an advert in the Guernsey Press regarding the mis-selling of interest rate hedging products. The purpose of this notice is to advise that the company is not licensed, authorised or in any way regulated by the Commission for the conduct of any financial...

​ What are the reporting requirements under The AIFMD Rules, 2013? Guernsey Depositaries, Non-Financial Asset AIF Depositaries and Guernsey AIFMs which have opted in to comply with The AIFMD Rules, 2013 are required to submit reports to the Commission. The various reporting requirements are set out in The AIFMD Rules, 2013 in Section 17 – Depositary and Section 19 - Reporting obligations to the...

Please be advised that Guernsey has adopted sanctions measures relating to the Russian Federation in view of Russia’s actions in destabilising the situation in Ukraine. These measures have immediate effect in the Bailiwick. The Russian Federation (Restrictive Measures) (Guernsey) Ordinance 2014, which is in force with effect from 1 August 2014, implements Council Regulation (EU) No. 833/2014 of 31...

​Please be advised of the following changes to sanctions listings related to Crimea and Sevastopol as well as to the territorial integrity of the Ukraine. These measures have immediate effect in the Bailiwick. CRIMEA AND SEVASTOPOL Council Regulation (EU) No 692/2014 of 23rd June 2014, as implemented by the Crimea and Sevastopol (Restrictive Measures) (Guernsey) Ordinance, 2014 has been amended by...

​The Commission is today issuing Instruction 03/2014 for both financial services businesses and prescribed businesses. The instruction has been issued as a result of amendments made to the sanctions measures against Afghanistan and Al-Qaida to impose a reporting requirement on businesses. The existing Handbooks are in the course of being reviewed and therefore to minimise the impact, and to avoid...

Please be advised of the following change to sanctions listings related to terrorist financing, which has immediate effect in the Bailiwick. On 23 July 2014 the Council of the European Union announced that it has reviewed the list of persons designated under Council Regulation (EC) No 881/2002. These designations have direct effect in the Bailiwick as designations under section 1 of the Terrorist...