Commission allows more time for firms to complete regulatory returns

9th February 2021
The Commission is today stating that late filing fees will not be applied in respect of all regulatory returns that are due to be submitted between now and the end of June provided they are submitted within two months of the original deadline. Although the timelines on the Commission’s Online returns portal for returns will not be altered so the original dates will still show, the Commission will...

Remote working business model

9th November 2020
Over the course of this year, licensees had to change their business working practices rather rapidly due to Covid-19 and for most licensees and their staff this involved moving to home working. Many licensees have since returned to office working although the Commission is aware that a number are continuing to operate some form of home working.The Commission is also aware that one or two...

Updated Commission deadlines for Key Financial Returns

28th May 2020
Following our announcement of 24 March 2020:], the Commission has been pleased to note the resilience of the Bailiwick’s finance sector including the widespread ability to work from home effectively. This operational resilience, taken together with recent States of Guernsey announcements regarding...

FATF Guidance - COVID-19-related Money Laundering and Terrorist Financing Risks

11th May 2020
The Financial Action Task Force ("FATF") has released a guidance paper regarding COVID-19-related money laundering and terrorist financing risks, which can be accessed directly on the FATF website.This paper and other FATF guidance can be found within the FATF Guidance section of the Commission's Legislation and Guidance page.

Can video calling be used to verify the identity of individuals?

6th April 2020
The Commission has received a number of enquiries from firms whose staff are working from home and are unable to verify individuals on a face-to-face basis through physical meetings or where the individual has been unable to provide to the firm a certified copy of their identification data. Rule 5.27 of the Handbook permits a firm to use electronic verification to verify, in whole or in part, the...

Covid-19 Scams Advice

2nd April 2020
The Commission has published, on the consumer pages of its website, advice for consumers on coronavirus-related fraud attempts. This advice aims to provide easily accessible and clear information to help people living in the Bailiwick protect themselves from these latest types of fraud and explains what to do if they fall victim to a fraud or attempted fraud. The advice can be found on the...

The Commission releases Two New FAQs regarding the provision of Signatures

31st March 2020
Whilst Many Licensees are Working From Home, with reduced IT access, does the Commission still require signed application forms?The Commission has received a number of enquiries from licensees who are working, with limited IT capacity, from home. Application forms require a ‘wet signature’. Where licensee/applicants are finding this impossible, due to the lack of access to a printer/scanner, the...

Commission warns licensees of the increased risk of fraud arising from COVID-19

27th March 2020
The Commission remains conscious of the operational issues being experienced by firms as they continue in their transition to an environment in which the majority, if not all, staff will be working from home. The Commission also acknowledges, and appreciates, the steps taken by these firms to continue to provide uninterrupted services to their customers and clients, albeit sometimes through...

Commission allows more time for Firms to complete Key Financial Returns

24th March 2020
Amending the Timing of Financial Return filings with the CommissionThe Commission is conscious that almost all firms will be experiencing certain operational issues as they transition to an environment in which many of their staff will be working from home. Mindful of this and of some significant impending deadlines for financial returns, it is making the following changes to its expectations...