Regulatory Alerts2025-05-16
Consultation on Revisions to the Bailiwick's AMLCFT Framework
The States of Guernsey and the Guernsey Financial Services Commission propose replacing existing regulations with Schedules to the Proceeds of Crime Law to align with FATF 2012 standards and MONEYVAL recommendations. The revisions introduce a unified framework for specified businesses, mandate enhanced risk assessments, and require additional customer due diligence for high-risk categories such as non-resident customers and private banking. Furthermore, the consultation extends enhanced due diligence requirements to domestic politically exposed persons and seeks feedback on transitional implementation periods.
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