The Commission is today issuing revised versions of the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing (“the FSB Handbook”) and the Handbook for Prescribed Businesses on Countering Financial Crime and Terrorist Financing ("the PB Handbook”) to take account of recent changes to the Bailiwick’s legislation in relation to wire transfers, which came into force on 26 June 2017.
The relevant legislation can be found here:
As a consequence, the current chapter 7 of the FSB Handbook has been repealed and replaced by an amended chapter which has been appended as an annex to the FSB Handbook (“Annex II”).
At the same time rules 56 and 69 of the FSB and PB Handbooks respectively have been amended. This change has been made to ensure that the Bailiwick meets European standards and that in turn transfers of funds between the Bailiwick and the United Kingdom can continue to be treated as domestic.
Based upon responses received following a short consultation with industry, the Commission has issued an FAQ to assist firms with the changes to rule 56/69, specifically around the consideration of ‘duration’ as part of a customer risk assessment. This FAQ has been issued under the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 as amended and should therefore be considered guidance in line with that contained in the Handbooks. Going forward this wording, together with Annex II, will be incorporated into the body of the new edition of the Handbook upon which we are currently consulting.
A copy of the FAQ can be found via the below link:
Copies of the revised Handbooks can be found via the below links: