Regulatory Alerts2023-11-06
Instruction Number 02/2023 for Specified Businesses (Bulgaria)
The Guernsey Financial Services Commission issued this instruction requiring specified businesses to enhance due diligence for relationships involving Bulgaria following its addition to the FATF's list of jurisdictions under increased monitoring. Businesses must review relationship risk assessments and apply full customer due diligence measures to existing Bulgarian connections that previously relied on simplified due diligence concessions, such as reliable introducer arrangements or intermediary provisions. Compliance with these remediation steps and risk assessment reviews is mandatory by 31 March 2024, with non-compliance requiring notification to the Commission and potential termination of the business relationship.
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