Regulatory Alerts2023-11-06
Guernsey Financial Services Commission Handbook on Countering Financial Crime and Terrorist Financing
The Guernsey Financial Services Commission issued this Handbook to establish the anti-money laundering and countering the financing of terrorism standards required of all specified businesses in the Bailiwick. It mandates compliance with Schedule 3 to the Criminal Justice Law, requiring firms to implement risk-based approaches, customer due diligence, enhanced measures for high-risk scenarios, and robust record-keeping protocols. The document outlines the legal framework, enforcement powers, and consequences for significant failures to meet these regulatory obligations.
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