General Guidance on the Requirements
These requirements relate to:
- Estate Agents
- Legal Services Professionals
These persons are referred to as 'Designated non-financial businesses and professions' (DNFBP's). The FATF Recommendations (Financial Actions Task Force) require these persons to undertake customer due diligence (CDD) as per the requirements set out in the Recommendations.
In Guernsey these persons must register with the Guernsey Financial Services Commission (the 'GFSC') (see the following links) www.gfsc.gg/industry-sectors/prescribed-businesses and www.gfsc.gg/commission/authorisations/prescribed-business-applications.
However, prior to registering with the GFSC individuals involved in the running of these DNFBP's must first notify the Administrator (the Registrar of Companies at the Guernsey Registry) of specified information relating to minimum standards and anti-criminality checks.
The purpose of the notifications and subsequent registrations are to enable the monitoring authorities to ensure that criminals and their associates are prevented from holding, or being the beneficial owner of a, significant or controlling interest or a management function in a DNFBP, and to ensure the prompt identification, remediation and sanctioning , where appropriate, of any violations of AML/CFT requirements or failings in money laundering or terrorist financing risk management.
Specific notification guidance can be found for each business type on the following pages, along with links to the relevant legislation and the notification forms.