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 …
The Commission has updated Appendix I to the Handbook after the announcement that Iceland and Mongolia are no longer under increased monitoring by FATF because of their strengthened AML/CFT regimes. Iceland has been removed from Appendix I, but Mongolia will remain as it continues to be listed by a relevant external source. Part of The …
Handbook on Countering Financial Crime and Terrorist Financing Read More »
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 …
The Commission wishes to remind all financial services businesses and prescribed businesses (with the exception of personal fiduciary licensees) that the Financial Crime Risk Return (“the Return”) is due for submission by 31 October 2020. The Return can be found here. Further guidance and information on the Return is available here. For further information or guidance …
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 …
Following the presentations on the National Risk Assessment (“NRA”) in February, the Commission will be running a series of interactive workshops to assist firms in developing their mitigation of the money laundering and terrorist financing risks to their business. The NRA workshops are being held in September 2020 and invites have been sent to all …
The Commission has launched a consultation paper on proposals for increasing the licence fees paid by firms. The proposals are for an increase of 2.1% across all sectors, based upon Guernsey’s RPI, together with the introduction of a modest fee for fast track applications of £500. The consultation period will be from the 4th of …
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 …
The restrictions imposed upon the Bailiwick as a result of the Covid-19 pandemic has seen an acceleration in the adoption of home working. Due to the potential increase in information security risks incurred as a result home working, the GFSC have published a non-exhaustive summary for licensees to consider. The summary is intended as a …
On 8 January 2020 the GFSC introduced exit interviews for MLRO’s & MLCO to provide a greater understanding of their responsibilities & challenges. Due to the success of these interviews the GFSC have decided to extend the scheme until the end of December 2020. To view this notification in full, please click here For further …
