Regulatory Alerts2019-11-29
Instruction Number 04/2019 for Specified Businesses
The Guernsey Financial Services Commission issued this instruction requiring specified businesses to apply full customer due diligence to existing relationships with Iceland following its removal from the FATF's equivalent jurisdictions list. Regulated entities must identify and remediate connections relying on introducer or intermediary provisions by 31 January 2020, ensuring compliance with verification measures or correspondent relationship requirements. Businesses unable to remediate these relationships by the deadline must notify the Commission with details of additional risk controls, while those unable to complete due diligence must terminate the relationships and consider reporting to the Financial Intelligence Service.
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