On 17 June 2014 the Guernsey Financial Services Commission (“the Commission”) decided: to impose a financial penalty of £30,000 under Section 11D of the Financial Services Commission Law on Willow and; to make this public statement under Section 11C of the Financial Services Commission Law. The Commission considered it reasonable and necessary to make these […]
Read MoreAdvisory Notice to Licensees Regarding Terrorist Funding.
The Commission wishes to draw licensees’ attention to the current military action in Iraq and the associated funding of the extremist insurgency group, Islamic State in Iraq and the Levant (“ISIS”). Reports indicate that in addition to private donations and traditional criminal activity in that region such as robbery and extortion, ISIS has been funding […]
Read MoreGuernsey’s Financial Services Commission has published its annual report and financial statements for 2013.
One of the key messages it contains is that overall costs fell by almost £1 million or 7.5 per cent compared to 2012, reports Business Life. During the second half of 2013, the Commission commenced a significant change programme which saw a restructuring of its Supervisory and Policy Divisions. In addition, the Commission established A […]
Read MoreGuernsey Financial Services Commission, Financial Crime Supervision & Policy Division, Guidance Note Visit Trends & Observations, January 2012 – 30 March 2014
The Guernsey Financial Crime Supervision & Policy Division has prepared and issued a Guidance Note (“Note”) following analysis of both the results of onsite visits undertaken by the Commission since 2012 and trends identified from financial crime assessments undertaken at local and international level. This Note is intended to further assist businesses in understanding the […]
Read MoreThe Guernsey Financial Crime Supervision & Policy Division
The Guernsey Financial Crime Supervision & Policy Division has prepared a Guidance Note (“Note”) following analysis of both the results of onsite visits undertaken by the Commission since 2012 and trends identified from financial crime assessments undertaken at local and international level. This Note is intended to further assist businesses in understanding the Commission’s expectations […]
Read MoreGuernsey AML stuff to do by 29 August 2014…!!!
On the 28TH May 2014 INSTRUCTION NO. 01/2014 FOR FIDUCIARY FINANCIAL SERVICES BUSINESSES WAS ISSUED and the instruction outlined the following REVIEW OF COMPLIANCE ARRANGEMENTS This Instruction is made under section 49(7) of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999. Introduction This Instruction is being issued to reinforce the importance of […]
Read MoreAML Handbook Update April 2014
The GFSC handbook for financial services businesses on countering financial crime and terrorist financing has been updated March and April 2013 http://www.gfsc.gg/The-Commission/Policy%20and%20Legislation/Handbook-for-Financial-Services-Businesses-on-Countering-Financial-Crime-and-Terrorist-Financing-(current)-March-2013.pdf
Read MoreON THE 27 May 2014 Samantha Sheen B.PA(Hons) LLB MBus(Risk Mgnt) Int.Dip(AML), Head of Financial Crime and Authorisations Division at the GFSC has written to all Chief Executive Officer (or Equivalent)OF GUERNSEY
Financial Services Business In this letter Sheen outlines the following PART 1 – INTRO 1. The Commission has emphasized to businesses, both during on-site visits and industry meetings, the importance of assessing the ML/TF risks to which they could be exposed “in the round”, or as a whole, when reviewing their business risk assessments. 2. […]
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