Transfer of Funds (Alderney) Ordinance, 2017

Summary

This Ordinance brings EU Regulation 2015/847 (on information accompanying transfers of funds) into force in Alderney, with modifications set out in the First Schedule, and builds a supervisory, reporting and enforcement framework around it. It applies to payment service providers and intermediary payment service providers operating in or from Alderney, giving the Guernsey Financial Services Commission powers to monitor and enforce compliance.

• Information and cooperation: Payment service providers and intermediary payment service providers must comply fully and without delay with Commission requirements, warrants or requests for information or documents (including under the Banking Law and various AML/CFT/sanctions laws), within the time and manner specified in the request.
• Monitoring powers: The Commission must effectively monitor and take measures to ensure compliance by payment service providers and intermediary payment service providers, using Banking Law investigatory powers (sections 25 to 29) applied to this Ordinance.
• Breach reporting: The Commission must establish mechanisms (including whistleblower protections and confidentiality safeguards) to encourage reporting of breaches, and any person who becomes aware of a breach of the modified EU Regulation or the Ordinance must notify the Commission.
• Confidentiality: Information or documents obtained under the Ordinance may only be disclosed in specified circumstances (e.g. with consent, for AML/CFT enforcement, to other supervisory authorities, or where already public).
• Offences and penalties: Contravening the modified EU Regulation or sections 2 to 4, unlawfully disclosing confidential information, providing false or misleading information, or obstructing the Commission are criminal offences, punishable on indictment by up to five years imprisonment and/or a fine, or on summary conviction by up to six months imprisonment and/or a fine.
• Officer liability: Directors, controllers, managers, general partners or foundation officials can be personally liable where an offence by a body corporate, limited partnership or foundation is committed with their consent, connivance or attributable neglect.

The Ordinance also makes consequential amendments to a range of Bailiwick financial services laws (listed in the Second Schedule) and repeals earlier provisions, but does not itself create new ongoing obligations beyond those summarised above.

Key obligations

• Payment service providers and intermediary payment service providers must comply fully and without delay with any Commission requirement, warrant or request for information or documents under the specified enactments.
• Any person requested by the Commission to furnish or produce information or documents must comply within the time and manner specified in the request.
• The Commission must effectively monitor and take measures necessary to ensure compliance by payment service providers and intermediary payment service providers with the modified EU Regulation and the Ordinance.
• The Commission must establish effective mechanisms, including internal reporting procedures and confidentiality protections, to encourage reporting of breaches.
• Any person who becomes aware of a breach of the modified EU Regulation or the Ordinance must notify the Commission of that breach.
• Persons handling information or documents obtained under section 2 or notifications under section 4 must not disclose them except in the permitted circumstances listed in section 5.

Applies to

payment service providers, intermediary payment service providers, body corporates, limited partnerships with legal personality, foundations

Deadlines

• 26 June 2017: Coming into force date of the Ordinance.
• as specified in the request: Persons must furnish or produce information or documents to the Commission within the time and manner specified in the Commission's request.

Related documents

• This document amends Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (Consolidated text)
• This document amends Insurance Business (Bailiwick of Guernsey) Law, 2002
• This document amends Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 (Consolidated text)
• This document amends Financial Services Commission (Site Visits) (Bailiwick of Guernsey) Ordinance, 2008 (Consolidated Text)
• This document amends Prescribed Businesses (Bailiwick of Guernsey) Law, 2008 (Consolidated text)
• Handbook on Countering Financial Crime (AML/CFT/CPF) (7 July 2026) is made under this document