Regulatory Alerts2017-01-25
Instruction Number 01/2017 for Financial Services Businesses: Business from Sensitive Sources
The Guernsey Financial Services Commission issued Instruction 01/2017 to require financial services businesses to apply enhanced due diligence and heightened caution when engaging with jurisdictions identified by the FATF or the Commission as having strategic AML/CFT deficiencies. The directive mandates specific counter-measures for high-risk countries including Iran, North Korea, Afghanistan, Bosnia and Herzegovina, Iraq, Lao PDR, Syria, Uganda, Vanuatu, and Yemen, while also addressing risks associated with Haiti, Venezuela, and Central and West Africa. Compliance with these enhanced scrutiny requirements is subject to review during on-site inspections and other supervisory measures.
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