Regulatory Alerts2021-10-21
Guidance on Company Formation by Fiduciary Licensees
The Guernsey Financial Services Commission requires fiduciary licensees offering company formation services to implement robust anti-money laundering controls, verify ultimate beneficial ownership, and conduct comprehensive risk assessments covering corporate structure, proposed activities, and reputational impact. Personal licensees are prohibited from performing these services, while all authorized entities must maintain strict record-keeping and demonstrate ongoing competence in applicable corporate laws to satisfy fit-and-proper licensing criteria. Non-compliance with these due diligence, record-keeping, or competence standards will result in regulatory enforcement action by the Commission.
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