Financial Crime

Changes to how the Commission distributes Annual Fee Invoices to Licensees and Registrants

The Commission is changing the way it distributes its annual license fee invoices, starting with the 2021 fees. Email addresses for all regulated and registered entities have been prepared and if you wish to check which email address the Commission holds for your firm please contact accounts@gfsc.gg. The Commission will no longer be distributing annual …

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National Risk Assessment Workshops

In September the Commission ran interactive sector-specific workshops to assist firms in developing their mitigation of the money laundering (“ML”) and terrorist financing (“TF”) risks to their business. The Commission representatives provided an overview of the inherent ML and TF threats to each sector, interspersed with case studies covering business risk assessments and customer risk …

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MONEYVAL Report

MONEYVAL has released a report titled: “Money Laundering and Terrorism Financing trends in MONEYVAL jurisdictions during the COVID-19 crisis” The report is based upon input from MONEYVAL members, including Guernsey and includes measures & recommendations to mitigate the COVID-19 impact. To view the MONEYVAL report please click here. For further information or guidance, please contact …

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Thematic Review on Source of Funds (“SOF”) / Source of Wealth (“SOW”) in the Private Wealth Management sector

The Commission has issued its report on the thematic review of SOF / SOW in Guernsey’s private wealth management sector. The review was undertaken during the second half of 2019.   A copy of the thematic review can be found by clicking here.  The Commission encourages all firms, regardless of their sector, to undertake the following steps …

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