Banking

​ The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 have now been signed by the Policy Council and, as anticipated, come into force on 15 December. The Commission is also now formally issuing the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing (containing rules and guidance) dated 15...

​ Business from Sensitive Sources Notice 5

A joint statement was issued today by HM Treasury, the Bank of England and the Financial Services Authority announcing that a liquidity facility will be available to help Northern Rock plc to fund its operations during the current period of turbulence in financial markets while Northern Rock works to secure an orderly resolution to its current liquidity problems. The Financial Services Authority...

​GUERNSEY INTERNATIONAL FINANCIAL SERVICES COMMISSION, INTERNATIONAL FINANCIAL SERVICES CERTIFIED PAYMENT LIABILITY COVERAGE, IFSP & LC CERTIFICATION DECLARATION FORM The Commission has become aware of a scam in which victims are asked to pay a fee in order to obtain “Certified Payment Liability Coverage” from the “International Financial Services Commission”, to enable funds to be released. The...

​The Commission has prepared draft Bailiwick anti-money laundering and counter terrorist financing legislation on wire transfers to ensure that BACs can continue to be used by firms in the Islands for transfers between the Islands and the UK. The draft Transfer of Funds (Guernsey/Alderney/Sark) Ordinance, 2007 is available here (PDF, 55 Kb). A draft of chapter 7 of the Commission’s proposed AML...

Basel II: External Credit Assessment Institutions and Unsolicited Ratings The Guernsey, Isle of Man and Jersey Commissions have had concerns expressed to them regarding their decision not to recognise unsolicited ratings from approved rating agencies. After due consideration of representations made by one rating agency the Commissions have concluded they will permit banks to utilise unsolicited...

Please find attached two papers on Basel II-related issues. The first is on “External Credit Assessment Institutions’ Ratings and Mapping of Ratings to Risk-Weights” which is available here , and has been prepared and issued jointly with the Isle of Man Financial Supervision Commission and the Jersey Financial Services Commission. The second is the Commission’s “Basel II Implementation Bulletin”...

​Since 2009, the Commission has followed the revised guidelines set down by the Basel Committee of Banking Supervisors for the purposes of setting regulatory capital (e.g. ‘Basel II’). Details of pillar one capital requirements have been jointly agreed with the regulatory authorities in Jersey and the Isle of Man and are set out here:- Credit Risk Operational Risk Market Risk For pillar two, the...

​The Fiduciary Sector Policy Forum (FSPF) and the Association of Guernsey Banks (AGB) have worked closely with the Commission to produce an introducer certificate, in order to develop a consistent approach to the provision of information in respect of the underlying principals of business introduced by fiduciaries in the Bailiwick to local banks. The FSPF and AGB have now agreed the contents of...