Regulatory Alerts2023-07-10
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 verification, and ongoing transaction monitoring. The document outlines legal obligations under Schedule 3 of the Criminal Justice Law, including reporting suspicions, record keeping, and sanctions compliance, while defining enforcement powers and consequences for significant failures to meet these regulatory requirements.
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