Regulatory Alerts2020-11-23
Prescribed Businesses Instruction (Number 01)
The Guernsey Financial Services Commission issued this instruction to reinforce corporate governance and internal control requirements for prescribed businesses following enforcement actions for poor AML/CFT standards. The directive mandates that Boards formally review compliance with specific regulations and Handbook rules, ensuring risk assessments are conducted by trained staff and enhanced due diligence is properly applied. Businesses must remedy any identified deficiencies by 26 February 2010 and retain evidence of Board oversight to demonstrate effective anti-money laundering systems.
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