Regulatory Alerts2017-01-25
Instruction Number 01/2017 for Prescribed Businesses: Business from Sensitive Sources
The Guernsey Financial Services Commission issued Instruction 01/2017 to require prescribed businesses to apply enhanced due diligence and counter-measures for jurisdictions identified by the FATF as having strategic AML/CFT deficiencies. The directive mandates heightened scrutiny for business with Iran and the DPRK, while requiring risk assessments for countries like Afghanistan, Iraq, and Syria that are under ongoing monitoring. Additionally, the Commission imposes specific caution and enhanced controls for Haiti, Venezuela, and selected Central and West African nations due to regional risks involving terrorism, corruption, and illicit trafficking.
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