Regulatory Alerts2015-07-24
Report on the Thematic Review of Insurance Managers' Client Take-on Procedures
The Guernsey Financial Services Commission issued this report following a thematic review of client take-on procedures conducted at licensed Insurance Managers in April and May 2015. The review identified generally robust practices, such as face-to-face client meetings and separation of new business and compliance functions, while highlighting areas for improvement including application quality and due diligence rigor. The Commission advises managers to maintain clear risk appetites, avoid over-reliance on prior regulatory approvals, and ensure outsourced compliance functions address broader business risks beyond anti-money laundering.
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