Regulatory Alerts2025-12-15
Correspondent and intermediary relationships in the investment sector - Thematic Review 2025
The Guernsey Financial Services Commission conducted a thematic review of 30 investment firms to assess compliance with anti-money laundering requirements for regulated intermediary and correspondent relationships. The review identified six key areas for improvement, including the misclassification of relationships, inadequate risk assessments, and insufficient compliance monitoring. Consequently, the Commission imposed risk mitigation programmes on two firms and highlighted the need for stricter adherence to Handbook provisions regarding due diligence and board-level risk understanding.
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