Data Security Thematic Review The Commission has issued a Thematic Report on Data Security Practices within the Banking Sector of the Bailiwick of Guernsey. Philip Marr, Director of Banking at the Guernsey Financial SErvices Commission said “good practice in data security should be regarded as a pre-requisite of effective and successful banking businesses.  This is principally because […]

Spearpoint launches £150m Arch Cru suit – Administrators of the failed Arch Cru funds are lining up a £150m High Court battle against the funds’ former investment manager.  Guernsey-based Spearpoint has submitted a claim alleging that Arch Financial Products breached fiduciary duties in running the funds and that it also took £5.4m in “secret profits” […]

5 December 2011 The Bribery Act 2010: How are CI organisations affected? [Jersey regulatory matters, Guernsey regulatory matters, Financial Crime / Terrorist Financing, Crime (AML/CFT) regulatory updates, Bribery & Corruption] The Bribery Act 2010: How are CI organisations affected? – Organisations in the Channel Islands which have any business connection with the UK will need […]

Guernsey’s HM Procureur has issued guidance on prosecution for tipping off – This guidance is issued by HM Procureur in his capacity as the prosecuting authority within the Bailiwick and it does not constitute legal advice. Anyone who has concerns about any of the matters covered in this guidance should obtain independent legal advice. A […]

Mourant Ozannes have issued an informative client briefing on Hastings-Bass.  The briefing is introduced as follows: It is with much sadness that we report the death in London on Wednesday, 9 March 2011 of Hastings-Bass, at the premature age of 36. In the years since its birth, Hastings-Bass had become a household name amongst, and […]

What is tipping off?  Guernsey’s money laundering regime requires, in simple terms, that when a financial services business (“FSB”) suspects that one of its clients may be involved in money laundering, it must make a suspicious transaction report (otherwise known as an STR) to the Financial intelligence Service. What is tipping off? The offence is made […]

 [Guernsey regulatory matters, Crime (AML/CFT) regulatory updates] House of Lords Committee reports on money laundering and data protection for suspicious activity reports – On 20 January 2011, the Home Affairs sub-committee of the House of Lords European Union Committee published a report, Money laundering: data protection for suspicious activity reports, its sixth report of session […]