The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2009 and the Associated Handbook

11th June 2009

​The Policy Council have signed the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2009. The main change to the 2007 regulations created by the amendment regulations is a requirement that senior management sign off is needed for all new high risk relationships and not only for new PEP relationships. The amendment regulations come into force on 6 July.

The Commission has also amended its Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing. The changes to the Handbook come into force on 6 July and include:

  • highlighting the existing requirement for businesses to recognise the potential risks that may arise from high net worth customers, legal persons and legal arrangements, and complex accounts, and to pay particular attention to these areas;
  • a new section in chapter 10, which provides financial services businesses with information on freezing of funds notices imposed by HM Procureur in respect of United Nations sanctions; and
  • an amendment to the definition of “regulated market” in the glossary to the Handbook by cross referring to the Insider Dealing (Securities and Regulated Markets) (Amendment) Order 2008.

In addition to the consolidated amended financial services businesses regulations and the revised Handbook for financial services businesses, we have placed the following documents on our website: