News

Financial Crime

AML/CFT Handbook - Appendix I Update

12th January 2021
The Commission has today updated Appendix I to the Handbook as a result of the FATF's announcement that it has removed The Bahamas from its list of jurisdictions under increased monitoring. The Bahamas has strengthened the effectiveness of its AML/CFT system and addressed related technical deficiencies to meet the commitments in its action plan and remedy the strategic deficiencies identified by...

Safehaven International Limited, Mr Richard John Bach, Miss Tracey Jane Ozanne, Mr David Charles Housley Whitworth, Mr Michael John Good and Mr Stephen John Dickinson

31st December 2020
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (“the Financial Services Commission Law”). The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “Fiduciaries Law”); The Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”); The Insurance Managers and Insurance Intermediaries (Bailiwick of...

Handbook on Countering Financial Crime and Terrorist Financing

23rd December 2020
The Commission is undertaking a short consultation on changes proposed to rules and guidance in Chapters 3 and 7 of the Handbook on Countering Financial Crime and Terrorist Financing (“the Handbook”) (version issued 30 October 2020) on the risk-based approach and on legal persons and legal arrangements. The following is a summary of the proposed changes to the Handbook: - When establishing a trust...

Distribution of 2021 annual fees to Licensees and Registrants

14th December 2020
The Commission has now sent its 2021 annual fees to all licensees and registrants by email. If you have not received an invoice by email you should contact [email protected] quoting the entity name and the GFSC reference number, which can be found on our website (Regulated Entities and Registered Entities). You may also contact this email address to confirm the validity of an emailed invoice...

Safehaven International Limited, Mr Richard John Bach, Miss Tracey Jane Ozanne, Mr David Charles Housley Whitworth, Mr Michael John Good and Mr Stephen John Dickinson

11th December 2020
On the 11th day of December 2020 the Commission imposed the following discretionary financial penalties: Safehaven International Limited (the “Firm”) - £100,000 Mr Richard John Bach - £50,000 Miss Tracey Jane Ozanne - £5,000 Mr David Charles Housley Whitworth - £10,000 Mr Michael John Good - £10,000 Mr Stephen John Dickinson - £1,000 (collectively the “Individuals”) Mr Richard John Bach was also...

Stephen Bougourd

8th December 2020
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”); The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2000 (the “Fiduciaries Law”); The Protection of Investors (Bailiwick of Guernsey) Law, 1987 (the “POI Law”); The Insurance Managers and Insurance Intermediaries (Bailiwick of...

Changes to how the Commission distributes Annual Fee Invoices to Licensees and Registrants

30th November 2020
Licensees and registrants are advised that the Commission is changing the way it distributes its annual license fee invoices, commencing with the 2021 annual fees which are due to be sent out next month. Generic email addresses for all regulated and registered entities have been prepared which will be used to send out the annual fee invoices for 2021. If you wish to check which email address the...

Handbook on Countering Financial Crime and Terrorist Financing

30th October 2020
The Commission has today updated Appendix I to the Handbook as a result of the outcomes of the FATF plenary held 21-23 October 2020 where it was announced that Iceland and Mongolia are no longer under increased monitoring by FATF. Iceland and Mongolia have strengthened the effectiveness of their AML/CFT regimes and addressed related technical deficiencies to meet the commitments in their...

National Risk Assessment Workshops

5th October 2020
During the month of September the Commission ran ten interactive sector specific workshops to just under 400 attendees in Guernsey and Alderney, to assist firms in developing their mitigation of the money laundering and terrorist financing risks to their business as identified in the National Risk Assessment. The Commission representatives provided an overview of the inherent money laundering and...