The Policy Council has signed the following amendment regulations, which came into force today: The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2013 The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 (Amendment of Schedules 1 and 2) Regulations, 2013 The Criminal Justice (Proceeds of Crime) (Legal...
Registered Business
On 4 March the Commission issued: Instruction (Number 18) for Financial Services Businesses and Instruction (Number 16) for Prescribed Businesses For other Instructions and repealed Business from Sensitive Sources, see Instructions page on this website.
Instruction (Number 18) for Financial Services Businesses and Instruction (Number 16) for Prescribed Businesses
In advance of most of the changes to the AML/CFT framework referred to in our media release of 12 November 2012, the Commission has today amended Appendix C to the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing and the Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing. A version of...
Update to Appendix C of the Handbooks
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17) for Financial Services Businesses and Instruction (Number 15) for Prescribed Businesses For other Instructions and repealed Business from Sensitive Sources, see the Instructions page on this website.
Instruction (Number 17) for Financial Services Businesses and Instruction (Number 15) for Prescribed Businesses
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...
Reminder to submit an assurance statement under the Finance Sector Code of Corporate Governance by 31 July 2012
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.
AML/CFT Feedback
The Commission has recently resolved, having consulted the Commerce and Employment Department of the States of Guernsey, that it should ordinarily refuse applications to register financial services businesses under the Registration of Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008, where the business consists of offering high interest, short-term, unsecured lending...
Policy on High Interest, Short-term, Unsecured, Non-Bank Lending
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 new...
New Sanction Measures against Iran
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.