Regulatory Alerts2020-11-23
Financial Services Businesses Instruction (Number 01)
The Guernsey Financial Services Commission issued this instruction to reinforce corporate governance and internal control requirements for financial services businesses following enforcement actions for poor AML/CFT standards. The Commission mandates that Boards formally review compliance with specific regulations and Handbook rules, ensuring risk assessments are conducted by trained staff and customer due diligence is properly applied. Businesses must remedy any identified deficiencies by 26 February 2010, with compliance subject to review during on-site inspections.
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