Regulatory Alerts2022-12-15
ML and TF Business Risk Assessments Thematic Review 2022
The Guernsey Financial Services Commission conducted a 2022 thematic review of 104 firms to assess their compliance with money laundering and terrorist financing business risk assessment requirements. The review found that most firms met regulatory standards and utilized the National Risk Assessment, though significant gaps remained in terrorist financing analysis and the tailoring of assessments to specific business data. Key areas for improvement include enhancing TF risk identification, utilizing management information for tailored assessments, and ensuring documentation is accessible and up-to-date.
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