Regulatory Alerts2019-06-05
Beneficial Ownership of Guernsey and Alderney Legal Persons Thematic Review 2018/2019
The Guernsey Financial Services Commission conducted a thematic review of all 190 fiduciary licensees to assess compliance with the Beneficial Ownership Legislation introduced in August 2017. The review found that licensees generally identified and verified beneficial owners accurately, with 95% of sampled files showing correct identification and submission to the central Register. While minor technical errors occurred during the transitional period, the sector demonstrated robust systems and controls, confirming the Bailiwick's effective measures to prevent financial crime.
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