Regulatory Alerts2017-07-20
Instruction Number 03/2017 for Financial Services Businesses: Business from Sensitive Sources
The Guernsey Financial Services Commission issued Instruction 03/2017 to require financial services businesses to apply enhanced due diligence and counter-measures against jurisdictions with strategic AML/CFT deficiencies. The instruction mandates specific actions for countries listed in FATF statements, including the Democratic People's Republic of Korea and Iran, as well as jurisdictions under ongoing monitoring such as Bosnia and Herzegovia and Ethiopia. Additionally, the Commission requires heightened caution for business involving Haiti, Venezuela, and specific Central and West African nations due to identified risks of money laundering, terrorist financing, and corruption.
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