Regulatory Alerts2021-07-15
Reporting Suspicion: Thematic Review 2020
The Guernsey Financial Services Commission issued a thematic review assessing the effectiveness of financial services firms' policies and controls for reporting money laundering and terrorist financing suspicions. The review found that while most firms appointed qualified Money Laundering Reporting Officers, many lacked comprehensive procedures and sufficient board oversight regarding the handling and management of suspicious activity reports. The Commission urges firms to update their policies to ensure timely reporting, adequate resources for compliance officers, and robust board governance to mitigate regulatory and reputational risks.
Share