Regulatory Alerts2020-11-23
Prescribed Businesses Instruction (Number 12) Business from Sensitive Sources - Iran
The Guernsey Financial Services Commission issued Instruction Number 12 under the Criminal Justice (Proceeds of Crime) Law to address urgent money laundering and terrorist financing risks from Iran. This directive responds to Financial Action Task Force calls and coordinated UK Treasury actions regarding Iranian financial institutions. Prescribed businesses are required to immediately report any existing or new business relationships and transactions involving Iranian banks, their branches, subsidiaries, or the Central Bank of Iran to the Commission's Deputy Director of Intelligence Services.
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