On 8 December 2022, the Guernsey Financial Services Commission (“the Commission”) issued a consultation paper considering amendments to the Criminal Justice (Proceeds of Crime) Law, 1999 and an amendment to the Regulations of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 Law. The feedback on the consultation is available here.
As a result of this, on 10 July 2023 a new director registration regime has been introduced. The regime affects Bailiwick residents who use the exemption in the Fiduciaries Law, which allows them to hold directorships of six or fewer companies that do not fall under any other exemptions from licensing in the Fiduciaries Law or exemptions from registration in Schedule 5 to the Proceeds of Crime Law.
The registration regime will enable the Commission to supervise registrants compliance with a reduced set of the anti-money laundering and countering terrorist financing (“AMLCFT”) obligations.
The Commission has produced a decision tree & a guidance on the Requirements for Individuals Acting as a Director for potential applicants to use when determining whether they are required to register or not. Individuals qualifying for registration have until 1st October 2023 to register with the Commission. Details on the regime which explain the application process and the regulatory obligations are available through the Director Registration Regime page.
The Commission will also be hosting workshops on the registration regime which will include information on how to register and an explanation of their AMLCFT obligations. These workshops will be held at the Commission’s office on Thursday 20 July, Wednesday 16 August and Friday 15 September at 9am. To attend a workshop, you will need to contact the Commission on AMLCFT@gfsc.gg to book a place.