The Guernsey Financial Services Commission is committed to maintaining appropriate and effective standards of regulatory supervision within the Bailiwick in order to protect its international reputation as a financial centre. Through its onsite program and enquiries received from industry, the Financial Crime and Authorisations Division has identified a number of areas where it has been determined that clarification would be of benefit.

Going forward, the Commission will be publishing on a periodic basis, frequently asked questions and answers given by the Commission (“FAQs”), which are intended to provide industry with a greater understanding of the Commission’s approach towards its application of the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing and the Handbook for Legal Professionals, Accounts and Estate Agents on Countering Financial Crime and Terrorist Financing (“the Handbooks”).

Key facts about the FAQ

1. For ease of reference the term “business” is used when an FAQ relates to entities subject to the requirements of both of the Handbooks.
2. FAQ’s are information in addition and do not replace or supersede the requirements in the Handbooks or the Regulations.
3. The Divisions intends to take these matters into consideration as part of the Commission’s comprehensive review and revision of the Handbooks, scheduled to commence later this year.
4. Should you have any questions that you would like the Financial Crime and Authorisations Division to include in future FAQs, please send them to AMLCFT@gfsc.gg.

THE FAQ

The following 8 matters have been raised in the first series of FAQs