Regulatory Alerts2024-07-19
Guernsey Financial Services Commission Handbook on Countering Financial Crime (AML/CFT/CPF)
The Guernsey Financial Services Commission issues this Handbook to establish mandatory standards for specified businesses to prevent money laundering, terrorist financing, and proliferation financing within the Bailiwick. It operationalizes Schedule 3 of the Criminal Justice (Proceeds of Crime) Law by detailing requirements for corporate governance, risk-based customer due diligence, beneficial ownership transparency, and suspicious activity reporting. The document serves as the definitive regulatory guidance for compliance, outlining enforcement powers and the legal consequences of significant failures to meet these anti-financial crime obligations.
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