GFSC updates cyber security and CFT guidance

Posted: 17/02/2021

The Guernsey Financial Services Commission has this week published an updated version of its cyber security rules and guidance, to ensure the bailiwick’s regulatory regime continues to comply with international standards.

The new rules and guidance, created following extensive engagement with industry over the past two years, have been designed to be principles-based to allow for application across the bailiwick’s diverse finance sector.  

The cyber security rules come into operation immediately, but transitional arrangements allow firms to implement changes to their internal controls to ensure compliance with the rules by 9 August.

Copies of the new rules and guidance can be found at the following links:
Cyber Security Rules, 2021
Cyber Rules and Guidance , 2021

CFT handbook update

The Commission has also this week updated its Handbook on Countering Financial Crime and Terrorist Financing following December's consultation on changes to rules and guidance in Chapters 3 and 7 on the risk-based approach, legal persons and legal arrangements. 

Updates have also been made to Chapter 12 on international sanctions to reflect the new mechanism for the implementation of UN and UK sanctions in Guernsey following Brexit.

The revised handbook, including the rules and guidance, came into effect on 15 February.

A clean version, together with a tracked version reflecting the changes made from the handbook published on 30 October 2020, can be accessed here

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