Regulatory Alerts2019-11-01
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, conduct customer due diligence, maintain robust corporate governance, and report suspicious activities in compliance with Schedule 3 to the Criminal Justice Law. The document provides detailed guidance on enhanced due diligence, sanctions, wire transfers, and record-keeping to ensure alignment with international FATF recommendations and local legislation.
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