Regulatory Alerts2024-02-16
Handbook on Countering Financial Crime (AML/CFT/CPF)
The Guernsey Financial Services Commission issued this handbook to establish binding rules and guidance for all specified businesses operating in the Bailiwick to comply with anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction legislation. It mandates a risk-based approach requiring firms to implement robust corporate governance, customer due diligence, ongoing transaction monitoring, sanctions screening, and suspicious activity reporting while maintaining detailed records. The document outlines strict compliance obligations for sectors including virtual assets and wire transfers, warning that significant failures to meet these standards will trigger regulatory enforcement actions, financial penalties, or license revocation.