Regulatory Alerts2023-03-13
Guernsey Financial Services Commission Handbook on Countering Financial Crime and Terrorist Financing
The Guernsey Financial Services Commission issued this Handbook to establish mandatory standards for all specified businesses in the Bailiwick to prevent money laundering and terrorist financing. It requires firms to implement a risk-based approach encompassing corporate governance, customer due diligence, beneficial ownership transparency, and ongoing transaction monitoring. The document outlines legal obligations under Schedule 3 of the Criminal Justice Law and details enforcement mechanisms, including regulatory sanctions and license withdrawal for significant compliance failures.
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