Regulatory Alerts2024-04-04
Governance, Risk and Compliance Controls to Counter Financial Crime - Estate Agency, Legal and Accountancy Services
The Guernsey Financial Services Commission conducted a thematic review of 18 estate agency, legal, and accountancy firms to assess their governance, risk, and compliance controls against financial crime regulations. The inspection identified five key areas for improvement, including deficiencies in policies, customer identification, source of funds verification, oversight of outsourced functions, and the classification of business relationships. Firms are required to implement remediation programs, confirm relevant changes to the Commission, and ensure strict adherence to new sanctions screening rules and Handbook requirements.
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