Regulatory Alerts2024-03-07
Guernsey Financial Services Commission Handbook on Countering Financial Crime (AML/CFT/CPF)
The Guernsey Financial Services Commission issued this Handbook to establish mandatory standards for specified businesses to prevent money laundering, terrorist financing, and proliferation financing within the Bailiwick. It requires firms to implement a risk-based approach encompassing corporate governance, customer due diligence, transaction monitoring, and reporting obligations in alignment with FATF recommendations. The document outlines the legal framework, enforcement powers, and consequences for significant failures to meet these regulatory requirements.
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