Regulatory Alerts2017-04-10
Instruction Number 02/2017 for Financial Services Businesses: Business from Sensitive Sources
The Guernsey Financial Services Commission issued Instruction 02/2017 to require financial services businesses to apply enhanced due diligence and heightened caution for business involving jurisdictions with strategic AML/CFT deficiencies. The directive mandates specific counter-measures for the Democratic People's Republic of Korea and Iran, while requiring risk assessments for countries listed in the FATF's ongoing compliance process, including Afghanistan, Bosnia and Herzegovina, and others. Additionally, the Commission highlights specific concerns regarding Haiti, Venezuela, and Central and West Africa, urging businesses to exercise greater scrutiny for transactions connected to these regions.
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