Regulatory Alerts2021-02-15
Handbook on Countering Financial Crime and Terrorist Financing
The Guernsey Financial Services Commission issued this handbook to establish mandatory anti-money laundering and countering the financing of terrorism standards for all specified financial and prescribed businesses operating in the Bailiwick of Guernsey. It requires firms to implement a risk-based framework encompassing corporate governance, customer due diligence, beneficial ownership transparency, transaction monitoring, suspicious activity reporting, and comprehensive record-keeping. Compliance with these legally enforceable rules and guidance ensures alignment with Financial Action Task Force recommendations and subjects non-compliant entities to regulatory sanctions, license restrictions, or prosecution.
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