Regulatory Alerts2020-11-23
Financial Services Businesses Instruction Number 02 on Suspicion Reports
The Guernsey Financial Services Commission issued this instruction to enhance the timeliness of suspicious transaction reporting following IMF recommendations. Financial services businesses must urgently review internal policies and past disclosures to ensure prompt handling of money laundering suspicions by their MLROs. Institutions are required to assess high-risk customer relationships and remediate identified deficiencies by 26 February 2010 to comply with anti-money laundering standards.
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