The Guernsey Financial Services Commission has published amendments to the Financial Crime Returns Rules (FC Returns Rules) that make periodic financial crime returns mandatory for accountants, lawyers and estate agents classified as prescribed businesses. The changes also require non-bank money services businesses to submit the quarterly Financial Flows Return. The amendments follow an earlier consultation and are intended to remove the disparity with other sectors where periodic filings are already mandatory. Consultation responses were described as positive and noted that the changes largely formalise a returns-filing process that was already occurring in practice.
Guernsey Financial Services Commission 2025-05-15
Guernsey Financial Services Commission amends Financial Crime Returns Rules to mandate periodic filings for prescribed businesses and quarterly Financial Flows Return for non-bank money services businesses
The Guernsey Financial Services Commission has amended the Financial Crime Returns Rules, mandating periodic financial crime returns for accountants, lawyers, and estate agents classified as prescribed businesses. Non-bank money services businesses are now required to submit quarterly Financial Flows Returns. These changes align with existing practices and aim to standardize filing requirements across sectors.