Regulatory Alerts2024-07-19
Guernsey Financial Services Commission Handbook on Countering Financial Crime (AML/CFT/CPF)
The Guernsey Financial Services Commission issued this Handbook to establish mandatory standards for specified businesses to prevent money laundering, terrorist financing, and proliferation financing. It requires firms to implement a risk-based approach encompassing corporate governance, customer due diligence, transaction monitoring, and suspicious activity reporting in compliance with Schedule 3 of the Criminal Justice Law. The document outlines enforcement powers, including license withdrawal and financial sanctions, for significant failures to meet these regulatory requirements.
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