As part of its continuing commitment to ensuring that supervisory standards are up to date and appropriate, the Commission is preparing revisions to the regulations and rules governing anti-money laundering (AML) standards for financial services businesses ‘the Handbook’ and for prescribed businesses (firms of lawyers, accountants and estate agents). These revisions largely arise from the…
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Instruction (Number 17) for Financial Services Businesses and Instruction (Number 15) for Prescribed Businesses30th October 2012
On 30 October the Commission issued: Instruction (Number 17) for Financial Services Businesses and Instruction (Number 15) for Prescribed Businesses For other Instructions and repealed Business from Sensitive Sources, see the Instructions page on this website.
The Guernsey Financial Services Commission (“Commission”) invites comments on this consultation paper. Comments should reach the Commission by 15 November 2012. Responses should either be emailed to the Commission Secretary, Fionnuala Carvill, at [email protected] , or be marked for her attention and sent to: Guernsey Financial Services Commission P.O. Box 128 Glategny Court…
Reminder to submit an assurance statement under the Finance Sector Code of Corporate Governance by 31 July 201220th July 2012
The Commission would remind all companies which hold a licence from the Commission under the regulatory laws or which are registered or authorised as collective investment schemes (“funds”) under (i) below that an assurance statement under the Finance Sector Code of Corporate Governance ("the Code") must be submitted to the Commission by no later than 31 July 2012. The regulatory laws are…
The Commission has today published AML/CFT feedback, which can be found below. Feedback on AML/CFT on-site visits The purpose of the feedback is to provide industry with a summary of findings from on-site inspections, which may prove useful to businesses when identifying and managing risks and in considering their AML/CFT policies, procedures and controls.
The Commission has written to the managing directors of all financial services businesses today, seeking comments on proposed changes to the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (the “Regulations”), the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing (the “Handbook”)…
The States of Guernsey has adopted new sanction measures against Iran. The new sanctions carry forward the existing sanctions, introduce additional categories or persons as being subject to asset freezing provisions, and extend certain restrictions to the provision of insurance or reinsurance. Financial services businesses and prescribed businesses will need to familiarise themselves with the…
Instruction (Number 16) for Financial Services Businesses and Instruction (Number 14) for Prescribed Businesses12th March 2012
On 12 March the Commission issued: Instruction (Number 16) for Financial Servcies Businesses and Instruction (Number 14) for Prescribed Businesses For repealed Instructions and Business From Sensitive Sources, see the Instructions page on this website.
In order to protect the international financial system from money laundering and terrorist financing, the FATF has published two public documents, identifying countries with strategic deficiencies regarding anti-money laundering and combating the financing of terrorism (AML/CFT). A link to the documents can be found here.
Guernsey adopts new Terrorist Asset-Freezing Law. A link to the States of Guernsey media release can be found at www.gov.gg.