Regulatory Alerts2020-11-23
Financial Services Businesses Instruction (Number 03)
The Guernsey Financial Services Commission issued Instruction Number 3 to require financial services businesses acting as recipient banks to tighten their handling of wire transfers with missing originator information. This directive responds to IMF assessments that identified inadequate risk-based procedures in similar jurisdictions, mandating that institutions review and enhance their detection policies and retain documented evidence of actions taken. Businesses must remedy any identified deficiencies by the close of business on 29 January 2010, with compliance subject to on-site inspections.
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