Transfer of Funds (Sark) Ordinance, 2017

Summary

This Ordinance applies Council Regulation (EU) 2015/847 on information accompanying transfers of funds to Sark, subject to modifications set out in the First Schedule, and empowers the Guernsey Financial Services Commission to monitor and enforce compliance by payment service providers and intermediary payment service providers operating in or from Sark.

• Information and documents: 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 relevant to the modified EU Regulation, including under banking, proceeds of crime, terrorism, disclosure and asset-freezing legislation.
• Monitoring: The Commission must effectively monitor and take measures to ensure compliance by payment service providers and intermediary payment service providers, using investigatory and warrant powers equivalent to those under the Banking Law.
• Reporting mechanisms: The Commission must establish mechanisms encouraging reporting of breaches, including internal whistleblowing protections and confidentiality rules for persons reporting breaches within a provider.
• Duty to notify breaches: 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, such as with consent, for law enforcement purposes, or to enable compliance monitoring.
• Offences and penalties: Contravention of the modified EU Regulation or the Ordinance, obstruction, providing false or misleading information, or improper disclosure of confidential information are criminal offences, with penalties up to five years imprisonment on indictment or a fine, and directors, general partners or foundation officials can be personally liable.

The Ordinance also makes consequential amendments to a range of other Bailiwick of Guernsey financial services laws listed in the Second Schedule, and repeals prior related legislation.

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 relevant to the modified EU Regulation or the Ordinance.
• A person to whom the Commission makes an information request must comply within the time and manner specified in the request.
• The Commission must effectively monitor and take necessary measures 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 internal reporting procedures, whistleblower protection and confidentiality rules.
• Any person who becomes aware of a breach of the modified EU Regulation or the Ordinance must notify the Commission.
• Information or documents obtained under the Ordinance must not be disclosed except in the specific circumstances permitted by section 5.
• Persons must not obstruct or fail to give reasonable assistance to those exercising functions under sections 2 or 3, and must not provide false, deceptive or misleading information.

Applies to

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

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