Regulatory Alerts2017-04-10
Instruction Number 02/2017 for Prescribed Businesses: Business from Sensitive Sources
The Guernsey Financial Services Commission issued Instruction 02/2017 to require prescribed businesses to apply enhanced due diligence and counter-measures for transactions involving jurisdictions with strategic AML/CFT deficiencies. The directive mandates specific risk mitigation actions for countries listed in FATF statements, including the Democratic People's Republic of Korea and Iran, as well as jurisdictions identified in the FATF's ongoing compliance process. Additionally, the instruction highlights heightened caution and enhanced scrutiny for business relationships connected to Haiti, Venezuela, and specific Central and West African nations due to regional risks of terrorism, drug trafficking, and document fraud.
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