Regulatory Alerts2022-05-11
Guernsey Financial Services Commission Thematic Review on Sanctions 2021
The Guernsey Financial Services Commission issued a thematic review assessing the effectiveness of banks, fiduciaries, and fund administrators in monitoring and complying with targeted financial sanctions during 2021. The review found that while automated screening systems were generally effective for major banks, significant gaps existed in fiduciary firms regarding the screening of underlying assets and the understanding of sanctions risks. The Commission mandated that firms improve their screening policies, ensure robust oversight of automated systems, and document their specific exposure to sanctions threats to mitigate compliance failures.
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