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Guernsey brings in ID laws for cash transfers

Regulation has been passed in the Guernsey parliament that will require all funds being wired in from offshore accounts to be accompanied by comprehensive information identifying the sender.

The transfer of funds ordinance mean all incoming cross-border funds must include four points of ID which can comprise name, address, account number, date and place of birth, customer identification number or national identity number of the payer.

The Association of Guernsey Banks chairman Alan Bougourd says the ordinance is to ensure the island is operating to international banking standards.

He says banks already have the systems to ensure the December 15 introduction of the ordinance runs smoothly.

Bougord says: “There have been procedural changes within the banks because obviously systems have needed to be developed to enable the information to be added to the payment and then banks themselves have to work to ensure the information being added to the payments is as automated as possible so we are not creating unnecessary bureaucracy and the potential for error if the information is being added manually.”

Guernsey Financial Services Commission director of policy and international affairs Richard Walker says the move is an adjunct to the main risk-based anti-money laundering and counter-terrorist financing framework being developed.

He says transfers from Guernsey must also be accompanied by payer identification.

Walker says: “As Guernsey is in monetary union with the UK and is part of the UK’s payment and clearing system, the ordinance will meet EU requirements as well.”


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