Regulatory Alerts2021-07-05
Guernsey Financial Services Commission Handbook on Countering Financial Crime and Terrorist Financing
The Guernsey Financial Services Commission issued this Handbook to establish the mandatory standards and guidance for specified businesses to comply with anti-money laundering and countering the financing of terrorism laws. It requires firms to implement a risk-based approach encompassing corporate governance, customer due diligence, beneficial ownership transparency, and ongoing transaction monitoring. The document outlines the legal framework, enforcement powers, and specific operational obligations such as suspicious activity reporting and record-keeping to prevent the Bailiwick's financial sector from being exploited for criminal purposes.
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