General

​ Handbook for Financial Services Businesses Handbook for Prescribed Businesses

The Policy Council have signed the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) (Amendment) Regulations, 2009. The main change to the 2008 regulations created by the amendment regulations is a requirement that senior management sign off is needed for all new high risk relationships and not only for new PEP relationships. The...

The Commission has written to the managing directors of all Financial Services Businesses today, seeking comments on the tracked changes to the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 and the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing.A copy of the proposed amendments to the...

The Commission has written to the managing partners of firms of lawyers and accountants and the managing directors of estate agents today, seeking comments on the tracked changes to the Criminal Justice (Proceeds of Crime) (Legal Professionals, Accountants and Estate Agents) (Bailiwick of Guernsey) Regulations, 2008 and the Handbook for Legal Professionals, Accountants and Estate Agents on...

The Guernsey Financial Services Commission (the Commission) is today publishing on its website a report prepared by a team from Promontory Financial Group (UK) Limited (PFG), led by Michael Foot CBE, into the circumstances leading to the rescue of Northern Rock (Guernsey) Limited and the placing of Landsbanki Guernsey Limited (LGL) into Administration. A copy of the report is available here. The...

The Commission has issued Business from Sensitive Sources Notice (Number 1) for Prescribed Businesses which is available here. Prescribed businesses must exercise a greater degree of caution when taking on business from the countries or territories specified in the Notice.

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...

​Joint Launch of Leaflet - Fighting Crime and Terrorism: You Can Help The Association of Guernsey Banks, in conjunction with the Guernsey Financial Services Commission, the States of Guernsey and the Financial Intelligence Service have issued a new leaflet called "FIGHTING CRIME & TERRORISM: YOU CAN HELP" (PDF format 535Kb available here). This leaflet will be issued to customers of local banks...

In November 2003 the International Monetary Fund (IMF) issued a report on its evaluation of Guernsey’s financial regulation and law enforcement standards. This assessment was part of its programme of assessments of the regulatory standards of all financial centres. The IMF concluded that Guernsey has ‘a high level of compliance’ with each of the international standards against which the Bailiwick...