Regulatory Alerts2023-07-27
Managing the risk posed by Politically Exposed Persons
The Guernsey Financial Services Commission conducted a 2023 thematic review of thirty firms to assess compliance with Politically Exposed Persons risk management requirements. The review found that while most controls were effective, firms must improve the documentation of risk assessments, the identification of close associates, and the robust corroboration of source of wealth and funds. Regulators emphasized that policies must be tailored to specific risks rather than relying on generic templates or tick-box approaches.
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