Regulatory Alerts2021-02-15
Guernsey Financial Services Commission Handbook on Countering Financial Crime and Terrorist Financing
The Guernsey Financial Services Commission issued this Handbook to establish mandatory standards for specified businesses to prevent money laundering and terrorist financing in the Bailiwick. It requires firms to implement a risk-based approach encompassing corporate governance, customer due diligence, beneficial ownership transparency, and ongoing transaction monitoring. The document outlines legal obligations under Schedule 3 of the Criminal Justice Law and details enforcement powers, including sanctions for significant failures to meet these anti-money laundering and countering the financing of terrorism requirements.
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