News

The Commission has today issued its report on the thematic review of source of funds / source of wealth in Guernsey’s private wealth management sector. The review was undertaken during the second half of 2019.  A copy of the thematic review can be found by clicking here.  Whilst the review focused on sectors identified in Bailiwick of Guernsey’s National Risk Assessment as being most…

Please be advised that on 6 July, the United Kingdom made the Global Human Rights Sanctions Regulations 2020, which comprise the first UK sanctions regime to operate under the UK's Sanctions and Anti-Money Laundering Act 2018 (Sanctions Act). The Regulations impose asset freezes to deter those who are, or have been, involved in human rights’ violations. 47 individuals and 2 entities have been…

The COVID 19 pandemic resulted in many licensees being unable to operate in their usual office environments. Entering Phase 5, a return to normal activity in the Bailiwick, has seen many licensees return to their offices but we are conscious that adoption of home working has accelerated.  Information security risks can increase with home working and therefore we are highlighting a non-exhaustive…

Further to the news release of 8 January 2020, referring to the introduction of exit interviews for individuals who held the position of MLRO and/or MLCO with a bank or fiduciary firm, the Commission has decided to extend the pilot initiative until the end of December 2020.  The initiative has proved useful and has provided supervisory staff with a greater understanding of the MLRO/MLCO role(s)…

Over the last three months, various international supervisory bodies have reaffirmed the planned timelines for transition away from LIBOR to alternative reference rates, such as SONIA (Sterling Overnight Index Average) or SOFR (Secured Overnight Financing Rate).  Firms should therefore continue to assume that they will be unable to rely on LIBOR being published beyond the end of 2021 and should…

Please be advised that the EU Council has imposed an asset freeze and travel ban against 11 Venezuelan officials determined to be responsible for serious violations of human rights and restrictions on fundamental freedoms, such as freedom of press and speech, under Council Implementing Regulation (EU) 2020/897 which implements Council Regulation (EU) 2017/2063. The EU Regulation is implemented in…

The Financial Crime Risk Return for the reporting period 1 July 2019 to 30 June 2020 (the “Return”) will be available for completion on the Online Submissions Portal in July 2020. The submission deadline is 31 October 2020. Following the Commission's previous announcements, updates made to the 2020 Return include additional questions regarding the different classifications of politically…

The PQ Portal upgrade has been completed. If you are a PQ Portal user you will notice significant changes to the portal and forms. More details about the new PQ features can be found in the guidance note on our website by clicking here. As previously advised, if you have accounts in both the OS and PQ Portals and use different email addresses for each, it is now possible to link those accounts…

The Commission has today, issued in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing (“the Handbook”). The Commission has made these amendments, to the Handbook, in order to take into account the Bailiwick of Guernsey’s National Risk Assessment (“NRA”) on money laundering (“ML”) and the financing of terrorism (“FT”) which was published in…

On 12 June 2020, the Royal Court found in favour of the Commission’s application to have the above matter struck out.  Mr Chick had brought a claim, against the Commission, that the enforcement proceedings which were found against him on 31 May 2018 amounted to a breach of his human rights.  The matter was struck out for having no basis in law. This ruling provides clarification on the…