Bring a large pot of water to a rolling boil, add enough salt, then the pasta. Stir and cook according to the packaging instructions.
In the meantime, heat a heavy bottomed non-stick pan on medium heat and cut the guanciale in cubes. Cook the guanciale on medium-low heat, stirring it often with a wooden spoon until the fat has melted and it is golden brown.
Pour in the tomato sauce, be careful as it will tend to splash everywhere (true story). Add also the olives, stir and keep aside.
Drain the pasta al dente, toss it into the pan to coat evenly with the sauce and serve with a sprinkling of grated cheese.