Regulatory Alerts2024-03-15
Guidance on a Registered Director’s AML/CFT/CPF Obligations
The Guernsey Financial Services Commission issues this guidance to clarify the reduced anti-money laundering, counter terrorist financing, and counter proliferation financing obligations applicable to individuals registered as directors. The document mandates that registered directors perform customer due diligence, including identifying the company, authorized agents, and beneficial owners, while applying enhanced measures for high-risk relationships such as those involving foreign politically exposed persons or sanctioned jurisdictions. It further outlines requirements for ongoing monitoring, reporting suspicions, training, and record-keeping, while explicitly exempting these directors from broader business risk assessments and compliance policies.