The GFSC have issued a FAQ to answer the following question Can I rely on a 3rd party to perform my AML Compliance Function? A business may outsource a function which forms a part of its compliance arrangements designed to deter, forestall and prevent financial crime. Guidance on the factors which a business should consider […]

On the 15th sept the GFSC advised that some amendments by the Council of the European Union to the sanctions measures in place regarding the Territorial Integrity etc. of the Ukraine and the Russian Federation have been published today with immediate effect. These amendments, which have direct effect in the Bailiwick, are as follows; Territorial Integrity […]

The instruction has been issued as a result of amendments made to the legislation surrounding the reporting of suspicion. The existing Handbooks are in the course of being reviewed and therefore to minimise the impact, and to avoid reprinting the full Handbook while the development continues, replacement pages of the Handbook for Financial Services Businesses […]

The Commission has today published an additional FAQ under the FC&A tab regarding the certification of copy documentation requirements and best practice. The FAQ can be found at the top of the Financial Crime Supervision and Policy Division’s FAQ page here. http://bit.ly/1xboYiX AND BELOW Certification of Copy Documentation Requirements and Best Practice Introduction Rule 100 of the FSB […]

The regulatory laws provide that a licence or registration application shall contain or be accompanied by such other information or documents as the Commission may reasonably require, for the purpose of determining the application. Business Risk Assessments (“BRAs”) The Financial Action Task Force (“FATF”) 2012 Recommendations (“the Recommendations”) place even greater emphasis on the importance […]

On the 1 January 2015, the Guernsey Financial Advice Standards (“GFAS”) are proposed to come into force. GFAS will introduce a minimum qualification level for relevant financial advisers equivalent to Of qual level 4. Those individuals providing advice to retail clients prior to 31 December 2014 will have until 31 December 2015 to obtain a […]

Good practice in data security should be regarded as a pre-requisite of effective and successful wealth management businesses. This is principally because good data security is an integral part of private clients’ confidence in working with wealth management professionals. It is well known that Guernsey has for many years been a significant centre for wealth […]

June 2014 Between October and December 2013 the Commission undertook a series of 12 on-site visits to intermediaries providing advice to retail customers on investments and long-term insurance products (“the Review”). The Review formed part of the Commission’s ongoing work to ensure retail customers receive an appropriate level of protection. The series of visits were […]