Regulatory Alerts2021-10-21
Custodians of Open-Ended Collective Investment Schemes with Indirectly Held Assets - Guidance Note
The Guernsey Financial Services Commission issued this guidance to define the standards of conduct for Designated Custodians managing Open-Ended Collective Investment Schemes with indirectly held assets. It requires custodians to look through to ultimate assets, implement risk-based due diligence, and maintain robust ownership verification and record-keeping procedures to mitigate money laundering risks. The document outlines specific exceptions for regulated custodians and operating companies while clarifying that this guidance does not override the Depositary Requirements Guidance Note where applicable.
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