Regulatory Alerts2017-07-20
Instruction Number 03/2017 for Prescribed Businesses: Business from Sensitive Sources
The Guernsey Financial Services Commission issued Instruction Number 03/2017 to require prescribed businesses to apply enhanced due diligence and counter-measures for jurisdictions identified by the FATF as having strategic AML/CFT deficiencies. The directive mandates heightened caution and specific risk mitigation actions for business relationships involving the Democratic People's Republic of Korea, Iran, and other listed countries such as Bosnia and Herzegovia, Ethiopia, and Iraq. Additionally, the Commission requires increased scrutiny for clients from Haiti, Venezuela, and Central and West Africa due to regional risks related to corruption, drug trafficking, and terrorist financing.
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