Regulatory Alerts2021-10-21
Guernsey Financial Services Commission Code of Practice for Banks
The Guernsey Financial Services Commission issued this Code of Practice to provide guidance to banks licensed under the Banking Supervision Law regarding sound principles of practice. The document mandates compliance with integrity, anti-money laundering obligations, and robust internal controls covering credit, trading, and comprehensive risk management processes. It further requires boards to ensure adequate capital adequacy, independent audit functions, and full cooperation with regulatory authorities.
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