Businesses are encouraged to look at CLIENT relationships in the round and not solely at each of their risk characteristics in isolation to one another. Even if a client is considered low risk in isolation the combination of risks in combination may highlight something else – In risk management terms, this is referred as the […]

Accelus World-Check has been adopted in order to provide the GFSC with an ongoing monitoring tool with respect to those individuals and entities required to comply with the Commission’s minimum licensing criteria and in particular, the ‘fit and proper’ requirements of that criteria. World-Check intelligence has been deployed in the GFSC on a purpose built […]

The Guernsey Financial Services Commission (GFSC) has appointed Michael Blair QC as President of its panel of Senior Decision Makers, which has recently been established to sit and determine the Commission’s major enforcement cases. Michael is a specialist in financial services and financial services regulation. He joined 3VB Chambers in 2000, after serving as General […]

New International Standards For Regulating Trust Company Business The Group of International Finance Centre Supervisors (“GIFCS”) has today launched a new benchmark for the regulation of Trust and Corporate Service Providers (“TCSPs”). Guernsey has been a champion of this new approach which has seen the GIFCS working group which developed the new standard being chaired […]

Island stock exchange fined £190000 but no individuals punished The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (“The Financial Services Commission Law”) , The Channel Islands Stock Exchange, LBG. 1. The Guernsey Financial Services Commission (the “Commission”) is established pursuant to the terms of the Financial Services Commission (Bailiwick of Guernsey) Law, […]

The Channel Islands Stock Exchange (CISX) has been fined £190,000 by the Guernsey Financial Services Commission (GFSC).The fine relates to “possible market manipulation” and “irregular trading” in Arch Cru Funds. The investments have been wound up but were listed on the exchange until 2009. In February, Peter Harwood, Guernsey’s Chief Minister and the CISX director […]

Establishing Risk Appetite a) Undertaking a business risk assessment allows the business to formulate its “risk appetite”. b) The term “risk appetite” refers to a business’ overall willingness or acceptance threshold for new business and the associated financial crime risks that will need to be mitigated. c) A business should be able to formulate a […]

The GFSC have issued a FAQ to answer the following question We have discovered that we have not undertaken CDD in compliance with the requirements of the Regulations and/or rules in the Handbook.  We are reluctant to approach the customer and  Would like an exemption from having to comply with these requirements. GFSC response The […]