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Guernsey Publishes Financial Crime Risk Return Form

by Jason Gorringe, Lowtax.net, London
05 October, 2015

The Guernsey Financial Services Commission has published new guidance on the forthcoming annual Financial Crime Risk Return and an example of the return online.

The FSC has introduced this return as a means of obtaining, on a consistent and regular basis, information and data from all licensed and registered firms (including licensed individuals) about their business.

This information will be used for supervisory purposes and will assist the Commission in identifying and managing the financial crime risks within the territory's finance industry.

The information and data to be sought includes statistics on: the proportion of high risk and politically exposed relationships firms have; the number and nature of suspicious activity reports firms make to the Financial Intelligence Service; and information on any outsourcing of key compliance functions.

For 2015, the submission dates have been extended and staggered to give a longer lead-in time for completing the online return form. Banks and full and personal fiduciaries should submit the return by November 30, 2015, with the remaining licensed and registered firms completing the return by December 31, 2015. Thereafter the return must be completed by October 31 each year from 2016 onward.

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