Fiduciary

The Commission is today issuing Instruction No. 02/2019 for Specified Businesses, replacing and repealing Instruction No. 01/2019 for Specified Businesses issued on 1 April 2019.  Changes since Instruction No. 01/2019 include the addition of Panama and the removal of Serbia.  Further details in respect of these jurisdictions can be found within Part B of the Instruction.  A copy of Instruction…

Financial Crime Risk Return 2019  The Financial Crime Risk Return for the reporting period 1 July 2018 to 30 June 2019 (the “2019 Return”) is available for completion on the Online Submissions Portal for all firms required to complete the 2019 Return. The submission deadline is 31 October 2019.  There are no changes to the fields within the 2019 Return, however, please note that page 13 of…

The Commission has today, issued in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing. This follows the approval of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Regulations, 2019 by the States of Guernsey on 12 June 2019.  These amendments introduce an activation date of 31 March 2019 for the application of measures relating to…

  The Commission has today issued its report on the thematic review of beneficial ownership of Guernsey and Alderney legal persons managed or administered by fiduciary licensees. The review was undertaken during the latter part of 2018 and the early part of 2019.  A copy of the thematic review can be found by clicking here. An estimated 3,000 data sets were received and analysed, including from…

On 30 October 2015, the States of Deliberation approved a Policy Letter submitted by the Policy Council which recommended that the regulatory laws should be updated to reflect current international standards. Representatives of the States of Alderney and the Chief Pleas of Sark had previously indicated their support for the proposals which followed a major public consultation process. More…

The Commission has today issued, in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing. This follows the approval of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2018 by the States of Guernsey during December 2018.  The revisions to the rules and guidance in the Handbook, together with the revised legislation, bring…

The Commission is today issuing a discussion paper seeking feedback from all interested parties on potential enhancements to the regulatory framework under the Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the "Fiduciaries Law") with the objective of ensuring that the regime continues to be both compliant with international…

The Guernsey Financial Services Commission (“GFSC”) announced on 7 August 2018 its participation in the Global Financial Innovation Network (“GFIN”) (link to news story) and today GFIN has published two documents:  1)      A Press Release confirming the GFIN’s functions and the opening of a 1-month application window for Cross-Border testing 2)      GFIN’s Terms of…

GUERNSEY FINANCIAL SERVICES COMMISSION ANNUAL FEES 2019 All businesses, entities and individuals licensed by or registered with the Guernsey Financial Services Commission are reminded that the payment of annual fees to the Commission are due by 31 January 2019. Where applicable, a late payment penalty fee will be applied for payments received after the due date in accordance with Regulation 2 of…

The Commission is today issuing Instruction Number 03/2018 for Financial Services Businesses and Prescribed Businesses, replacing and repealing Instruction No. 02/2018 issued on 3 August 2018. Changes to Instruction No. 03/2018 include the addition of The Bahamas, Botswana and Ghana.  Further details in respect of the inclusion of these three jurisdictions can be found within Part B of the…