The Guernsey Financial Services Commission (the Commission) has issued a final draft of the revised Handbook on Countering Financial Crime and Terrorist Financing (the Revised Handbook) ahead of the formal approval of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) You can find out more by following this link. Privacy Policy. A password will be e-mailed to you. First published in Business Life May 2019 The revised Handbook on Countering Financial Crime and Terrorist Financing (Handbook), issued by the Guernsey Financial Services Commission (GFSC), came into operation on Monday 1 … Under Guernsey Financial Services Commission's (GFSC) revised Handbook on Countering Financial Crime and Terrorist Financing (the Handbook), which took effect on 31 March 2019, firms were required to take account of the conclusions of Guernsey's (yet to be published) National Risk Assessment (NRA) … A tracked version is also available here and highlights substantive changes made from the consultation version. ON 12 NOVEMBER 2018 the Guernsey Financial Services Commission issued a revised Handbook on Countering Financial Crime and Terrorist Financing (the Handbook). The Guernsey Financial Services Commission (the "Commission") following consultation with stakeholders has today published two consultation papers … The Commission does not accept the service of legal proceedings by email. The draft legislation is available through this link https://www.gov.gg/article/169121/The-Criminal-Justice-Proceeds-of-Crime-Bailiwick-of-Guernsey-Amendment-Ordinance-2018, Stay up to date with news, events and other updates. The Handbook now applies to both financial services … The Handbook on Countering Financial Crime and Terrorist Financing (the Handbook) issued by the Guernsey Financial Services Commission (the Commission) is a statement of the standards expected by the Commission of all businesses that are financial services business or a prescribed … As part of the changes introduced by the new Handbook, the GFSC has set the following key deadlines for organisations: On 12 November 2018 the Guernsey Financial Services Commission (GFSC) issued a revised Handbook on Countering Financial Crime and Terrorist Financing (the Handbook). Handbook on Countering Financial Crime and Terrorist Financing, Handbook on Countering Financial Crime and Terrorist Financing (Tracked), Handbook for Prescribed Businesses on Countering Financial Crime and Terrorist Financing (June 2017), Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing (June 2017), Instruction Number 1 for FSBs - Corporate Governance Internal Controls, Instruction Number 2 for FSBs - Suspicion Reports, Instruction Number 3 for FSBs - Wire Transfers, Instruction Number 4 for FSBs - Introduced Business, Instruction Number 5 for FSBs - Screening of Employees, Instruction Number 6 for FSBs - Existing Customers, Instruction Number 1 for PBs - Corporate Governance Internal Controls, Instruction Number 2 for PBs - Suspicion Reports, Instruction Number 3 for PBs - Introduced Business, Instruction Number 4 for PBs - Screening of Employees, Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999, Drug Trafficking (Bailiwick of Guernsey) Law, 2000, Terrorist Asset-Freezing (Bailiwick of Guernsey) Law, 2011, Afghanistan (Restrictive Measures) (Guernsey) Ordinance, 2011, Afghanistan (Restrictive Measures) (Alderney) Ordinance, 2011, Afghanistan (Restrictive Measures) (Sark) Ordinance, 2011, Al-Qaida (Restrictive Measures) (Guernsey) Ordinance, 2013, Al-Qaida (Restrictive Measures) (Alderney) Ordinance, 2013, Al-Qaida (Restrictive Measures) (Sark) Ordinance, 2013, Terrorism and Crime (Bailiwick of Guernsey) Law, 2002, Disclosure (Bailiwick of Guernsey) Law, 2007, Transfer of Funds (Guernsey) Ordinance, 2017, Transfer of Funds (Alderney) Ordinance, 2017, Disclosure (Bailiwick of Guernsey) Regulations, 2007, Terrorism and Crime (Bailiwick of Guernsey) Regulations, 2007, Registration of Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008, Prescribed Business (Bailiwick of Guernsey) Law, 2008, Beneficial Ownership of Legal Persons (Guernsey) Law, 2017, Beneficial Ownership of Legal Persons (Alderney) Law, 2017, Beneficial Ownership (Definition) Regulations, 2017, Beneficial Ownership (Alderney) (Definitions) Regulations, 2017, Beneficial Ownership of Legal Persons (Provision of Information) (Transitional Provisions) Regulations, 2017, Beneficial Ownership of Legal Persons (Provision of Information) (Transitional Provisions) (Alderney) Regulations, 2017, Beneficial Ownership of Legal Persons (Nominee Relationships) Regulations, 2017, Beneficial Ownership of Legal Persons (Nominee Relationships) (Alderney) Ordinance, 2017, Beneficial Ownership of Legal Persons (Provision of Information) (Limited Partnerships) Regulations, 2017, IMF Annual Coordinated Portfolio Investment Survey, International Regulatory and Supervisory Bodies, Complaints Against Regulated Financial Services Businesses, Guernsey's AIFMD Regime - Rules, Forms, Guidance & FAQs, Non-Regulated Financial Services Businesses, Bogus Banks and other Financial Institutions, Guernsey Banking Deposit Compensation Scheme, Things to Consider Before Getting Financial Advice, Change of Controller Insurance Managers and Intermediaries, Change of Controller for Licensed Insurers, Licensed Insurance Managers & Intermediaries Application, Authorised Closed-ended Investment Schemes, Additional class, sub fund or cell of a scheme, Non-Regulated Financial Services Business, The Global Financial Innovation Network (GFIN). Note: Throughout this report the Guernsey Financial Services Commission … This Handbook is a statement of the standards expected by the Commission of all The Policy and Resources Committee of the States of Guernsey ("P&R") and the Guernsey Financial Services Commission ("the Commission") are consulting simultaneously on revisions to the Proceeds of … The New Fiduciary Handbook. Put simply, the Handbook is a statement of the standards expected by the GFSC of all ‘Specified Businesses’ in the Bailiwick. AML / CFT Handbook for regulated financial services business This version of the handbook for the prevention and detection of money laundering and the financing of terrorism has been updated to reflect the Money Laundering (Amendment No. The revisions to the rules and guidance in the Handbook, Put simply, the Handbook is a statement of the standards expected by the GFSC of all 'Specified Businesses' in the Bailiwick. The Commission has today issued, in final draft form, the revised Handbook on Countering Financial Crime and Terrorist Financing. Following the introduction of the Commission's 2019 Handbook on Countering Financial Crime and Terrorist Financing on 31 March 2019, the 2007 Handbook for Financial Services Businesses ("the FSB Handbook") and the 2008 Handbook for Prescribed Businesses ("the PB Handbook") have … By continuing to use the GFSC site, you agree to the use of cookies. As with all Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) obligations, one of the key emphases remains that businesses should take a risk-based approach to business relationships and transactions. Commission's response Practical steps. The Policy and Resources Committee of the States of Guernsey ("P&R") and the Guernsey Financial Services Commission ("the Commission") are consulting simultaneously on revisions to the Proceeds of Crime legal and regulatory framework. The Commission seeks to regulate and supervise financial services in the Bailiwick of Guernsey, with integrity, proportionality and professional excellence, and in so doing help to uphold the international reputation of the Bailiwick of Guernsey as a finance … The revisions to the rules and guidance in the Handbook, together with the revised legislation (the new Schedule 3 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey… This follows publication of The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2018 which, once approved by the States of Guernsey, … Introduction. The current version of the Handbook on Countering Financial Crime and Terrorist Financing applicable to all financial services businesses and prescribed businesses can be found below, together with a tracked version reflecting the changes made since the version issued 15 February 2021. To assist with this process, the States of Guernsey’s Policy & Resources Committee (the P&R Committee) h… Password recovery The revisions to the rules and guidance in the Handbook, together with the revised legislation, will bring the Bailiwick’s AML/CFT framework into line with international standards issued in 2012 by the Financial Action Task force as well as addressing recommendations made by MONEYVAL following its mutual evaluation of Guernsey. Guernsey Financial Services Commission, Glategny Court, Glategny Esplanade, St Peter Port, Guernsey, GY1 1WR The Commission does not accept the service of legal proceedings by email. However, as part of the 2019 Handbook, transitional provisions have been included to provide firms with the time to bring their policies, procedures and controls up to date with the revised regime. Sandra Lawrence is Member-AML & Cft Handbook Working Group at Guernsey Financial Services Commission. This follows publication of The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2018 which, once approved by the States of Guernsey, will replace and update the provisions of the two sets of Criminal Justice (Proceeds of Crimes) Regulations for financial services business and prescribed business.
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