Consultation on Proposed Financial Crime Return Rules

Closed 27 Mar 2023

Opened 13 Feb 2023

Contact

Lynne Jennings

(Assistant Director)

Financial Crime Division

+44 1481 712706

amlcft@gfsc.gg

Results updated 24 May 2023

Following this consultation, the Commission has made the Financial Crime Returns Rules which make mandatory the filing of the annual financial crime risk return, the annual intermediaries return and the quarterly financial flows return.

The Commission is taking a phased approach to the introduction of a fining penalty for late or inaccurate submission of these returns. Their accuracy and timely submission will be monitored but not subject to an administrative penalty for late or inaccurate filing this year.

A feedback paper on the consultation is below.

Links:

Overview

This consultation paper proposes the making of rules for the mandatory filing of three existing financial crime returns to which administrative financial penalties will apply for late filings and inaccurate submissions.

The Commission is intending to make rules which will make mandatory the filing of the following returns within the timeframes set:

  • The annual financial crime risk return from all licensed firms by 31 October each year;
  • The annual intermediary multi-scheme return by administrators of authorised and registered collective investment schemes by 31 May each year; and
  • The quarterly financial flows return completed by banks within two months of quarter end.

A copy of the draft rules is attached to this consultation. The Commission intends to add these returns to the schedule of returns in the Financial Services Commission (Administrative Financial Penalties) (Bailiwick of Guernsey) Regulations issued under section 40 the Financial Services Business (Enforcement Powers) Law to enable a penalty to be applied for late filing. These returns will also be included in the Inaccurate Filing Penalty regime which will come into effect from this year. 

The Commission consulted on the inclusion of these financial crime returns in both penalty regimes as part of its consultation last year on the fee rates for 2023. Feedback on that consultation was issued in November 2022 addressing responses to the development on these regimes.

If you would like to provide any feedback regarding the Financial Crime Return Rules for 2023, please complete the survey.

Audiences

  • Anyone from any background