Regulatory Alerts2017-12-05
Instruction Number 04/2017 for Financial Services Businesses: Business from Sensitive Sources
The Guernsey Financial Services Commission issued Instruction 04/2017 to require financial services businesses to apply enhanced due diligence and counter-measures for business involving jurisdictions with AML/CFT deficiencies. The directive mandates specific actions for countries listed in FATF statements, including the Democratic People's Republic of Korea and Iran, as well as jurisdictions under ongoing compliance processes. Additionally, the Commission requires heightened caution and scrutiny for business relationships connected to Haiti, Venezuela, and Central and West Africa due to identified regional risks.
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