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Director Registration Regime — GFSC

Money LaunderingDirector Registration Regime — GFSC

Further to the launch of a director registration regime for individuals holding certain categories of directorships, the Commission wishes to remind individuals who qualify for registration that they have until 1 October 2023 to register.

Amendments made to the Criminal Justice (Proceeds of Crime) Law, 1999 and an amendment to the Regulations of Fiduciaries, Administration Businesses and Company Directors, etc (Bailiwick of Guernsey) Law, 2020 Law established a registration regime for individuals who use the “up to six directorships” exemption from fiduciary licensing where no other exemption from registration applies. Details on the regime which explain who should register, the application process for registering and the regulatory obligations upon them are available through the Director Registration Regime page.

The Commission has been hosting workshops on the registration regime, the last of which is scheduled for Friday 15 September 2023 from 9.00am. These workshops cover information on the types of directorships which qualify, how to register and an explanation of the AMLCFT obligations which apply to registered directors.  Those wishing to attend the 15 September workshop at the Commission’s offices are invited to contact the Commission on [email protected] to book a place.

By way of background individuals who currently use the “up to six directorships” exemption in the Fiduciaries Law are required to comply with the AMLCFT measures in Schedule 3 to the Proceeds of Crime Law, but they are not supervised. Under this registration regime there is a reduced set of AMLCFT obligations for them to comply with. The registration regime enables the Commission to supervise their compliance with these requirements.

The development of this regime has considered feedback from public consultations issued late, last year. It affects Bailiwick residents who use the exemption in the Fiduciaries Law, which allows them to hold directorships of six or fewer companies which do not fall under any other exemptions from licensing in the Fiduciaries Law or exemptions from registration in Schedule 5 to the Proceeds of Crime Law. This means that the director registration regime will not directly impact individuals who rely on other exemptions under the Fiduciaries Law including unrewarded directors (such as recreational or charitable directorships), directors of companies based in Guernsey which are trading locally (such as local florists, grocers, restaurants), employees/officers of licensed trust and corporate service providers holding directorships in the course of their duties (such as licensed company administrators, fund administrators), directors of supervised bodies (such as authorised/licensed collective investment schemes, insurers and insurance managers) and directors of prescribed businesses (such as estate agents and law and accountancy firms).

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