Monday 24th June 2019
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Comsure operates in:the UK, Jersey, Guernsey

The Guernsey court of appeal reinstate some GFSC’s Enforcement Powers [18th June 2019]

In enforcement cases, the GFSC can seek to impose prohibitions on individuals to prevent them from continuing to work in the industry.  Often, such prohibitions have been time-limited, although the GFSC could also issue lifetime prohibitions where the circumstances warranted such an approach. In a recent enforcement case, however, the sanctions imposed on the respondent […]

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GFSC AML HANDBOOK UPDATE

The Guernsey Financial Services Commission [GFSC] Handbook on Countering Financial Crime and Terrorist Financing (12th March 2019 update) The GFSC has today issued, in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing. This follows the approval of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2018 by the […]

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GFSC: fit and proper guidance

The Guernsey Financial Services Commission (GFSC) has this month released updated guidance on the requirement for those holding senior positions within institutions in the banking, fiduciary, insurance and investment sectors, to be “fit and proper” persons. While the requirement to be “fit and proper” is not a new requirement, the guidance seeks to provide clarity […]

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Guernsey GFSC test for Fit and Proper Persons – meeting the criteria

Concerning a Fit and Proper Person test Guernsey the GFSC state the following…… All individuals in prescribed positions (as defined in Commission guidance elsewhere) are required under the Regulatory Laws in Guernsey to meet the “Fit and Proper” standard, set out in the relevant Minimum Criteria for Licensing (“MCL”), from the outset, and on an […]

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