Regulatory Alerts2023-03-13
Guernsey Financial Services Commission Handbook on Countering Financial Crime and Terrorist Financing
The Guernsey Financial Services Commission issued this Handbook to establish the standards and guidance required for all specified businesses in the Bailiwick to comply with anti-money laundering and countering the financing of terrorism laws. The document mandates the implementation of a risk-based approach, including corporate governance, customer due diligence, beneficial ownership transparency, and ongoing transaction monitoring. It further requires firms to maintain robust systems for reporting suspicion, managing sanctions, and keeping records to prevent the financial system from being exploited for criminal or terrorist activities.
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