Transfer of Funds (Guernsey) Ordinance, 2017

Summary

This Ordinance gives legal effect in Guernsey to the EU Wire Transfer Regulation (Regulation (EU) 2015/847), which sets out information requirements that must accompany transfers of funds, subject to modifications set out in the First Schedule. It creates a domestic supervisory, reporting, confidentiality and enforcement framework around that modified EU Regulation, largely by extending existing Banking Law information-gathering, investigation and warrant powers to payment service providers and intermediary payment service providers.

• Information and cooperation duties: Payment service providers and intermediary payment service providers must comply fully and without delay with information requests, requirements and warrants issued under specified Banking Law and AML/CFT provisions, and any person in or resident in Guernsey may be required to furnish information or documents to the Policy & Resources Committee or the Commission within a specified time and manner.
• Commission 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 information-gathering, warrant, investigation and entry powers applied to them as if they were licensed institutions.
• Reporting mechanisms: The Commission must establish effective mechanisms for reporting breaches, including procedures for receiving reports, whistleblower protections and confidentiality rules; any person who becomes aware of a breach of the modified EU Regulation or the Ordinance must notify the Commission.
• Confidentiality restrictions: Information or documents obtained under sections 2 or 4 may only be disclosed in specified permitted circumstances (e.g. consent, law enforcement purposes, compliance purposes, public domain information, professional advice, cross-border supervisory cooperation).
• Offences and penalties: Contravening the modified EU Regulation or sections 2 to 4, unlawfully disclosing protected information, obstructing officials, or providing false or misleading information or documents are criminal offences, punishable on indictment by up to five years imprisonment and/or a fine (or lesser penalties for confidentiality breaches), with directors, general partners and foundation officials facing personal liability where an offence is committed with their consent, connivance or attributable neglect.
• Consequential amendments and repeals: The Ordinance makes consequential amendments to a list of Bailiwick financial services laws and regulations (Second Schedule) and repeals prior related legislation.

The Ordinance came into operation on 26 June 2017 and applies across the Bailiwick's payment service providers and intermediary payment service providers, with the Commission and the Policy & Resources Committee as the primary enforcement and oversight bodies.

Key obligations

• Payment service providers and intermediary payment service providers must comply fully and without delay with any requirement, request or warrant to provide information or documents issued under specified Banking Law provisions or AML/CFT enactments where it relates to information required under the modified EU Regulation or the Ordinance.
• Any person requested by the Policy & Resources Committee or the Commission to furnish 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 to encourage reporting of breaches, including specific procedures for receiving and following up reports, protections for whistleblowing employees, and confidentiality rules.
• Any person who becomes aware of a breach of the modified EU Regulation or the Ordinance must notify the Commission of that breach.
• Persons must not disclose information or documents obtained under section 2 or a section 4 notification except in the specified permitted circumstances.

Applies to

payment service providers, intermediary payment service providers, body corporate officers/directors, general partners of limited partnerships with legal personality, foundation officials

Deadlines

• 26th June 2017: Date the Ordinance came into operation (commencement).
• time and manner specified in the request: Deadline by which a person requested to furnish or produce information or documents to the Policy & Resources Committee or Commission must comply.

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