Compliance Playing Increasingly Important Role In Guernsey Banking

by Jason Gorringe, Tax-News.com, London

29 May 2002

Speaking to the Guernsey Press and Star this week, the new chairman of the Association of Guernsey Banks (AGB) explained the logic behind the recent move to streamline the Association into two groups, one representing international and private banks located on the Island, and one representing high street and retail financial service providers.

Peter Rose told the newspaper on Monday that although compliance issues are playing an increasingly important role throughout the jurisdiction's banking sector, and Guernsey's banks are united in their intention not to pass additional costs on to their customers, issues arising from OECD and Edwards Report recommendations, and from the implementation of the Deposit Protection Scheme affect the domestic and international banking sectors in very different ways.

'Some of the issues affect one sector but not the other. The new sector groupings will give us much clearer feedback of the views of banks so that the issues can be addressed with greater clarity and focus,' Mr Rose told the Guernsey Press. Implementing the changes was one of the first tasks of the new chairman's one year tenure.

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