Financial Flows Return (Form 153) Guidance

Summary

This is GFSC guidance explaining how to complete the Financial Flows Return (Form 153), a quarterly data return capturing the origin and destination of client-related financial flows and payment methods through the Bailiwick of Guernsey. It applies to all Licensed Banks and Non-Bank Money Service Providers (Non-Bank MSPs), who must submit the Return every quarter even if they have no qualifying flows (as a nil return).

• Who must file: All Licensed Banks (under the Banking Supervision (Bailiwick of Guernsey) Law, 2020) and Non-Bank MSPs registered under Schedule 4 to the Proceeds of Crime Law must submit the Return each quarter.
• What is covered: The Return collects information on payment methods used, correspondent/respondent banking relationships (domestic and foreign), and statistical data on the value and volume of financial flows by jurisdiction, submitted via an uploaded spreadsheet.
• Nil returns: Firms with no qualifying inflows or outflows for the period must still submit the Return, leaving value and volume fields blank in the spreadsheet.
• Data standards: Flows must be reported in GBP equivalent, as whole numbers, aggregated by jurisdiction, using specific rules for determining origin/destination (e.g. based on remitting/beneficiary bank location, not account location), and excluding intra/inter-bank flows not linked to a specific client.
• Correspondent/respondent reporting: Correspondents must not include Respondents' flows in their own reporting, and Respondents must independently report their own flows even where transacted via a Correspondent.
• Penalties: Late and/or inaccurate submissions fall within scope of administrative financial penalties.

The Reporting Period is each calendar quarter starting 1 January, and the Return becomes available on the Firm's Online Submissions Portal timeline on the last day of each quarter. It must be submitted within 2 months of quarter end, per the fixed deadlines set out in the guidance (31 May, 31 August, 30 November, and last day of February respectively).

Key obligations

• Licensed Banks and Non-Bank MSPs must submit the Financial Flows Return (Form 153) for every calendar quarter, including as a nil return where there are no qualifying flows.
• The Return must be submitted within 2 months of the end of each quarter (by 31 May, 31 August, 30 November, or the last day of February as applicable).
• Firms must review and update auto-populated correspondent banking fields where the position has changed from the previous quarter.
• Firms must report financial flow values and volumes in GBP equivalent, as whole numbers, aggregated correctly by jurisdiction and excluding non-client intra/inter-bank flows.
• Correspondents must exclude Respondent entities' flows from their own reporting; Respondents must independently report their own flows even where routed via a Correspondent.
• Firms must discuss any uncertainty about reportable activity/flow types with the Commission's Financial Crime Division (via amlcft@gfsc.gg) well in advance of the submission deadline.
• Firms must ensure the uploaded statistics spreadsheet is an unencrypted .xlsx file no larger than 15MB, with the Firm Name and GFSC Reference matching Commission records exactly.

Applies to

Licensed Banks, Non-Bank Money Service Providers (Non-Bank MSPs)

Deadlines

• 31 May: Submission deadline for the Reporting Period 1 January to 31 March.
• 31 August: Submission deadline for the Reporting Period 1 April to 30 June.
• 30 November: Submission deadline for the Reporting Period 1 July to 30 September.
• Last day of February: Submission deadline for the Reporting Period 1 October to 31 December.
• within 2 months of quarter end: General rule stating the Return must be submitted within 2 months of the end of each quarterly Reporting Period.