Guernsey Financial Services Commission Fiduciary. The Fiduciary Supervision Policy and Innovations Division has published the finding of its 2016 Thematic Review of “Client Money”.  A copy of the report can be found by clicking here. http://bit.ly/2lZRPqP

The Royal Court has handed down a further(1) decision in David John Merrien v Cees Schrauwers (chairman of the Guernsey Financial Services Commission), part of which was heard by the Court of Appeal on appeal by the commission.(2) Royal Court decision The Royal Court decision took the format of an appeal challenging the commission’s decision to publish a […]

The Guernsey Financial Services Commission (Financial Crime Supervision and Policy Division) have produced a Training Thematic Review – Report of Findings. Please see link below; http://bit.ly/1Oetw1n

On 11 May 2016 the Royal Court of Guernsey handed down its final judgment in the appeal brought by Bordeaux Services (Guernsey) Limited & Ors v Guernsey Financial Services Commission.  The Commission has considered this ruling carefully and believes that some key messages are contained within the judgment that are important both for Financial Services Business […]

IT HAS BEEN REPORTED Guernsey Financial Services Commission has been subject to one of the biggest attacks in its history. The hacktivists collective, Anonymous had launched a 30-day operation called OpIcarus, against “all central banks” and major financial institutions, claiming that it would be one of the biggest attacks in its history. The hacktivist group, […]

The Commission is today issuing Instruction Number 01/2016 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 04/2015 issued on 19 November 2015. Myanmar has now been added to Part B of the Instruction which lists countries and territories with improving Global AML/CFT Compliance. This means that financial services businesses and prescribed businesses may […]

Money laundering fines increase agreed by Guernsey States – Guernsey was rated as partially compliant in the area of sanctions by MoneyVal The maximum penalty for money laundering and terrorism financing in Guernsey has risen to £4m. The fines can be levied for failing to carry out necessary checks or reviews or failing to make […]

The Guernsey Financial Services Commission has issued a consultation paper on Guidance Notes for Pricing Controls in respect of Open Ended Collective Investment Schemes.  The paper has been prepared with the GIFA (Guernsey Investment Fund Association) Custodian and Depositary Committee. The Commission, in conjunction with the GIFA Custodian and Depositary Committee, has been reviewing its […]