Regulatory Alerts2025-05-08
Feedback on Consultation regarding AMLCFT Obligations for VASPs and Licensed Trustees
The Guernsey Financial Services Commission issued feedback on consultations concerning amendments to Schedule 3 of the Proceeds of Crime Law, addressing independent audits, business risk assessments, virtual asset service provider rules, and trustee obligations. The final guidance clarifies that independent audit functions are mandatory based on risk and materiality rather than sector, while introducing specific travel rule requirements for VASPs and enhanced identity disclosure duties for licensed trustees. These amendments take effect immediately to align with FATF recommendations and support the Bailiwick's upcoming MONEVAL assessment.
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