In light of recent developments, the Commission has issued a sixth Business from Sensitive Sources Notice which is available here. This sixth Business from Sensitive Sources Notice supersedes Business from Sensitive Sources Notice - Number 5. The Commission would be pleased to provide further advice if you have any queries arising from this Notice.
Banking
In the spring of last year the Commission consulted on, amongst other matters: (i) amendments to the minimum criteria for licensing in the Banking Supervision (Bailiwick of Guernsey) Law, 1994; the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000; the Insurance Business (Bailiwick of Guernsey) Law, 2002; and the Insurance Managers...
Amendments to the Minimum Criteria for Licensing
Business from Sensitive Sources Notice 5
Business from Sensitive Sources Notice 5
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...
Legislation and Handbook - amendments to the Bailiwick's Framework for Countering Money Laundering and Terrorist Financing
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...
Northern Rock (Guernsey) Limited
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...
Guernsey International financial services commission
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...
Proposed Wire Transfer Legislation, Rules and Guidance
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...
Basel II Unsolicited Ratings
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”...