Regulatory Alerts2024-03-13
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 suspicious activity reporting in compliance with Schedule 3 of the Criminal Justice Law. The document outlines the legal framework, enforcement powers, and specific operational guidance for entities including virtual asset service providers and trust service providers.
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