Financial Services Businesses Instruction (Number 14) Business from Sensitive Sources - Iran (2011-11-22)

Summary

This is a Guernsey Financial Services Commission instruction, issued under section 49(7) of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999, directing financial services businesses to report dealings connected to Iranian banks. It responds to Financial Action Task Force warnings about money laundering and terrorist financing risks emanating from Iran, and to coordinated action by HM Treasury in the UK.

• Reporting trigger: Any business relationship or transaction with an Iranian bank, including its branches and subsidiaries, or with the Central Bank of Iran.
• Reporting recipient: Kevin Bown, the Commission's Deputy Director of Intelligence Services.
• Timing: Businesses must advise the Commission immediately upon identifying such a relationship or transaction.

Key obligations

• Financial services businesses must immediately advise the Commission's Deputy Director of Intelligence Services of any business relationships or transactions with Iranian banks (including their branches and subsidiaries) or the Central Bank of Iran.

Applies to

financial services businesses

Deadlines

• immediately: Financial services businesses must immediately notify the Commission upon identifying a business relationship or transaction with an Iranian bank or the Central Bank of Iran.