Regulatory Alerts2020-11-23
Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007
The Policy Council of Guernsey issued these Regulations to impose anti-money laundering and terrorist financing obligations on financial services businesses within the Bailiwick. The rules mandate comprehensive risk assessments, strict customer due diligence including enhanced measures for politically exposed persons, and prohibitions on anonymous accounts and shell bank relationships. Furthermore, the Regulations require ongoing transaction monitoring, suspicious activity reporting, employee training, and specific registration requirements for certain non-regulated financial services businesses.
Share