International Financial Markets Guide—Guernsey
Produced in partnership with Ogier
International Financial Markets Guide—Guernsey

The following Financial Services practice note produced in partnership with Ogier provides comprehensive and up to date legal information covering:

  • International Financial Markets Guide—Guernsey
  • 1. Telephone taping
  • (a)(i) What are the restrictions on the taping of telephone calls to or from a person outside an organisation in relation to sales of banking or financial products or insurance services?
  • (a)(ii) When might they apply to entities conducting business cross-border?
  • (b) What are the exemptions from these requirements?
  • 2. Money laundering
  • (a)(i) Are there any legal or regulatory requirements that must be observed by credit institutions/investment firms/insurers in connection with the detection and prevention of money laundering?
  • (a)(ii) When might they apply to entities conducting business cross-border?
  • (b) What are the exemptions from these requirements?
  • 3. Data protection
  • More...

International Financial Markets Guide—Guernsey

Introductory Note

Guernsey includes the islands of Guernsey, Herm and Jethou. The Bailiwick of Guernsey ('Bailiwick') includes these islands together with the islands of Sark, Brecqhou and Alderney. The Guernsey Financial Services Commission ('Commission') regulates financial services in the Bailiwick.

1. Telephone taping

(a)(i) What are the restrictions on the taping of telephone calls to or from a person outside an organisation in relation to sales of banking or financial products or insurance services?

There is no legal restriction on a person taping a telephone conversation to which they are a party. However, if personal data is recorded in the telephone conversation, then the data protection rules may apply (see question 3(a)(i)). Partly for this reason, it is usual for organisations to include in their business terms a notification that taping may occur.

(a)(ii) When might they apply to entities conducting business cross-border?

See question 1(a)(i).

(b) What are the exemptions from these requirements?

N/A.

2. Money laundering

(a)(i) Are there any legal or regulatory requirements that must be observed by credit institutions/investment firms/insurers in connection with the detection and prevention of money laundering?

Yes, there are requirements relating to verification of the identity of customers, record-keeping, internal reporting procedures, notification of suspect transactions to the Financial Intelligence Service (FIS) and staff training in relation to the above procedures.

(a)(ii) When might they apply to entities conducting business cross-border?

The requirements apply to persons

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