Regulatory Alerts2018-05-14
Financial Crime Governance, Risk and Compliance Thematic Review for Smaller Trust and Corporate Service Providers
The Guernsey Financial Services Commission conducted a 2017 thematic review of 35 smaller trust and corporate service providers to assess their financial crime governance and compliance frameworks. The regulator identified deficiencies in compliance monitoring programmes for one-fifth of the firms, noting that many controls were not appropriately tailored to specific business risks. While most firms demonstrated an understanding of key financial crime threats, the Commission emphasized the need for robust, risk-based approaches rather than tick-box compliance to ensure effective mitigation of money laundering and terrorist financing risks.
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