Financial Crime Risk Return
1st October 2015Guidance on the annual Financial Crime Risk Return and a copy of the online return form are now available on the Commission’s website.
The Commission has introduced this return as a means of obtaining, on a consistent and regular basis, information and data from all licensed and registered firms (including licensed individuals) subject to the requirements of the Handbooks about their business. This information will be used for supervisory purposes and will assist the Commission in identifying and managing the financial crime risks within the Bailiwick’s finance industry.
The information and data being sought includes statistics on: the proportion of high risk and politically exposed relationships firms have; the number and nature of suspicious activity reports firms make to the Financial Intelligence Service; and information on any outsourcing of key compliance functions.
The Guide to Firms on completing the return contains sector specific guidance which should be followed. The Commission is grateful for the assistance it had compiling this guide from the industry associations.
For 2015 the submission dates have been extended and staggered to give a longer lead-in time for completing the online return form. Banks and full and personal fiduciaries should submit the return by 30 November 2015 with the remaining licensed and registered firms completing the return by the 31 December 2015. Thereafter the return must be completed by 31 October each year from 2016 onwards.
For reference a PDF copy of the online form can be found here.
The guidance document is available through this link:
Financial Crime Risk Return – A Guide for Firms
As of 30 October 2015 the form is now available through the Online Portal which can be found here: https://submit.gfsc.gg/