The Guernsey Financial Services Commission published its 2024 Annual Report and Financial Statements, outlining a year centred on preparations for the Bailiwick’s MONEYVAL evaluation and a positive inspection outcome, alongside initiatives to streamline regulatory processes through digital technology, simplify policy requirements and strengthen international cooperation. The report highlights the April 2024 onsite MONEYVAL inspection and the Commission’s work with other authorities and industry, including presentations on the Bailiwick’s national risk assessments covering money laundering and terrorist financing, proliferation financing, and legal persons and legal arrangements. It also sets out progress on digital delivery, including creation of Technology Supervision and Technology Innovation units and development of the Applications and Authorisations Portal, with an alpha release in November 2024 followed by industry and legal sector testing and a beta release in April 2025. Other developments noted include consultation on simplifying and clarifying the Prospectus Rules, revisions to the pensions regime to broaden the range of Guernsey structures available to Pension Service Providers, and becoming a signatory to the International Organization of Securities Commissions Enhanced Multilateral Memorandum of Understanding.
Guernsey Financial Services Commission 2025-06-11
Guernsey Financial Services Commission publishes 2024 annual report detailing positive MONEYVAL outcome and rollout of a new authorisations portal
The Guernsey Financial Services Commission's 2024 Annual Report outlines preparations for the MONEYVAL evaluation, highlighting a successful inspection and efforts to streamline regulatory processes via digital technology. Key initiatives include Technology Supervision and Innovation units, the Applications and Authorisations Portal, and pensions regime revisions. The Commission also signed the International Organization of Securities Commissions Enhanced Multilateral Memorandum of Understanding.