Regulatory Alerts2020-06-19
Guernsey Financial Services Commission Handbook on Countering Financial Crime and Terrorist Financing
The Guernsey Financial Services Commission issues this handbook to establish binding rules and guidance for all specified businesses operating in the Bailiwick to combat money laundering, terrorist financing, and weapons proliferation. It mandates a risk-based framework requiring firms to implement robust corporate governance, customer due diligence, beneficial ownership verification, transaction monitoring, sanctions screening, and suspicious activity reporting procedures. Non-compliance triggers regulatory enforcement actions and potential license revocation, while the guidance permits technology-neutral controls and alternative measures that demonstrably satisfy statutory obligations.
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