The revised document is driven by international standards issued in 2012 by the Financial Action Task Force (“FATF”) and recommendations from MONEYVAL’s mutual evaluation of Guernsey, published in 2016, for pan-island businesses, that have already implemented Jersey standards, will see few differences. These enhancements will create the basis for the new Handbook, and COMSURE recommend that […]

Guernsey’s financial services regulator has published a consultation paper following a decision made by the States of Guernsey in January of this year to increase the discretionary financial penalties which the Commission is able to apply in cases where there have been serious regulatory shortcomings (Billet d’Etat V of 2016 https://www.gov.gg/CHttpHandler.ashx?id=99971&p=0). The legislation which will […]

The Guernsey Financial Services Commission (“Commission”) invites comments on this consultation paper. The Commission seeks feedback on a number of proposals to amend the Bailiwick’s Handbooks for financial services businesses and prescribed businesses on countering financial crime and terrorist financing. The Commission recognises that technology is changing traditional methods of undertaking due diligence. Demand from […]