Regulatory Alerts2020-11-23
Prescribed Businesses Instruction No. 2: Suspicion Reports
The Guernsey Financial Services Commission issued this instruction to enhance the timeliness of suspicious transaction reporting following IMF AML/CFT assessment recommendations. Prescribed businesses must urgently review and strengthen internal policies, controls, and reporting procedures to the MLRO and Financial Intelligence Service to ensure prompt handling of suspicions. Additionally, firms are required to retrospectively assess reporting delays since October 2008, document comprehensive reasoning for continuing relationships with clients who generated multiple disclosures, and remediate all identified deficiencies by 26 February 2010.
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